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What is Title and Escrow?

January 25, 2019

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Title and Escrow AgentWhat is title and escrow. You've no doubt heard the phrase numerous times if you have dealt with anything having to do with real estate, including buying a new home. While title and escrow are very often used in the same sentence, there is a difference between title and escrow. Another word you might hear is deed, which is different than even a title. Let's examine the question what is title and escrow by taking a look at the two components separately, then we'll discuss the difference between a title and a deed.

What is a Title?A title is a legal document that includes specific information about a property. Title is actually a collective word that encompasses all of the legal rights to own, use, and sell a home or land. The title will include information regarding previous ownership, uses of the property, and property transfers. This is different than a deed, which we will look at shortly. One of the important things that has to be done when buying a home or property is a search on the title to ensure the title is clear and the property can legally be transferred. This is why it can be so stressful for first time homebuyers. A title search is typically executed by a title and escrow company, and while there are normally no glitches that cannot be overcome, sometimes there can be problems with a title that will prevent the sale of a home or property. Even if a title comes up without any problems, known as "clouds," it is still a good idea to purchase title insurance, which will protect you as a buyer in the event a problem arises with a title years down the line. Lender's title insurance is always required by traditional banks and lenders and does not protect the buyer. Buyer's insurance must be purchased for that protection, and while it isn't always required, it can be a lifesaver if you ever need it.

Property Title
Are a Title and Deed the Same?The word "title" is the legal way of stating that you have the right to property. IN real estate, the word title indicates you have either full or partial right to a property in question. A deed, however, is the legal document or documents used to transfer a title from seller to buyer. If more than one person has title to a property, all parties must be a part of the sale of the property. A deed has to be a written document. Deeds are the legal transfer of the property from seller to buyer. In most states, deeds have to be recorded at a courthouse or assessor's office to make them legal and binding. Not recording the deed doesn't mean the transfer didn't happen, but it can present problems down the line.

What is Escrow?What is escrow? When you are purchasing a home, escrow refers to a safe place (managed by a third party) where money and documents related to the sale of the property is kept until the sale is closed. All of the escrow holdings are managed by an escrow officer who can disperse the contents of the escrow account when closing happens. The third-party can be someone from a title and escrow or closing company, it can be an attorney, or even real estate agents. The role of the escrow manager is to ensure the process of closing goes without a hitch and that no documents or money exchanges hands until all requirements of the sale have been met. As the process of buying and selling a home commences, paperwork is filed with the escrow manager as needed. This can include inspection papers, and documentation for anything required of either the seller or buyer as a stipulation for the legal transfer of the property.

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Why a Title and Escrow Company is a Good Idea for Your Next ClosingBuying a home, particularly for first time home buyers, can be one of the happiest and one of the most stressful events in your life. It is certainly one of the biggest expenses you will ever incur. Knowing what title and escrow is and understanding title versus deed are only two of the things that can be confusing to first time home buyers. The amount of paperwork involved, with the purchase of a home, the legalities associated with buying a home, and all of the little details necessary to ensure a smooth transaction can be overwhelming. That's why a professional title and escrow company is a good idea when it's time to purchase your new home.

 Real Estate Closing
Are you looking for a title and escrow company in Florida? Key Title and Escrow is the best title and escrow company in Florida. Don't let all the intricate details necessary for a smooth real estate closing confuse you or stress you. At Key Title & Escrow, we can get you through your closing efficiently and stress free. With over 21 years in the business, we have developed a solid reputation as leaders in the real estate closing industry. We offer a full range of title and escrow services, property title searches, judgment and lien searches, Florida title insurance, record owner searches, and residential title services. That means we have the knowledge and necessary professionals to take you through your closings effectively and efficiently.

At Key Title & Escrow, our priority is to provide our customers with customer service and professional closing services that go beyond what is expected. We offer weekend closings to make to make it convenient for our customers. We are a big enough title and escrow company to handle the most challenging real estate closings, but we are small enough to make each of our customers feel as if they are our only clients. Key Title & Escrow is the leading title and escrow company in Florida. We offer statewide closings, so it doesn't matter where you are in Florida, we can handle your closing. At Key Title & Escrow, your best interest and your satisfaction is at the heart of everything we do. When you're ready to close on your new home, contact the real estate professionals at Key Title & Escrow to handle the details. We are here to take you through your closing step by step. Let us provide you with a great closing experience today.

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