During the closing process, is the Escrow Agent the same as the Title agent?
No, the Escrow Agent and Title Agent have distinct roles in the closing process of a real estate transaction.
- Escrow Agent: The Escrow Agent is a neutral third party responsible for holding and managing funds, documents, and other assets involved in the transaction. They ensure that all conditions of the sale (e.g., inspections, financing, and contract terms) are met before releasing the funds and documents to the appropriate parties.
- Title Agent: The Title Agent focuses on verifying the legal status of the property’s title. They conduct a title search to confirm that the title is clear of liens, encumbrances, or other issues. The Title Agent also facilitates the issuance of title insurance to protect the buyer and lender from potential title-related disputes or defects.
While both roles are critical to a smooth closing, they serve different functions and are typically performed by separate entities, though in some cases, the same company may offer both services, but it depends on local rules & the agent/company having relevant licenses. It's best to ask your listing agent for any potential closing agents. Alternatively, you can also find a list of vendors that Houzeo has found for you on our website -
https://www.houzeo.com/pros.
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