Title and Closing Made Easy
What is the difference between title and title policy? what happens at closing…
The process of obtaining title and closing a transaction is source of some confusion. Is closing the same as escrow. What the heck is escrow? Wait, I don’t have escrow in my state, am I doing it wrong? I need a lawyer? Ok, slow your roll. Title is the actual ownership of the property. A title policy, which you need to purchase and sell a property, is the story of the property and the people associated with a property.
Not all states have escrow. This is where the potential sale is opened and documents are collected and held until the sale is ready to go through. But escrow can also mean the account a mortgage company establishes to hold your funds to pay for thing like taxes and insurance for a property.
So there can be multiple meanings of terminology and each state does things a little different. But it all boils down to the same things: learn the process in your state, get help from good sources and don’t let it slow you down when a wrench gets thrown into the mix.
We are here to help navigate these processes. While these sections are not “tool” driven, we want you to still be able to hit the easy button and get your real estate related question answered. (No affiliate link here, it’s all us).