A title company, sometimes known as an escrow company, has several essential responsibilities in the real estate transaction process. The title company is a neutral third party that performs the following duties:

  • Provides documents pertaining to the real estate transaction including the purchase contract and addendums;
  • Puts together an abstract of the property that explains in detail the location of the property, past owners, any existing property taxes owed, liens, and any other known issues on the property;
  • Maintains relationship with the mortgage lender, real estate agent, and attorney(s), to obtain the documentation necessary for closing the transaction;
  • Provides title insurance;
  • Handles financial transactions from all parties;
  • Ensures that all documents are signed by both parties at closing; and
  • Files the appropriate paperwork with the court.

In a standard sale, the use of a specific title company or escrow officer is negotiable between the homebuyer and seller and must be stated in the purchase contract. You want to look for a reputable title company that you can trust. Your real estate agent is a great resource for finding an experienced and trustworthy title company or escrow agent that will work with your best interest in mind.

Please give me call if you or someone you know is looking to either Buy or Sell real estate in Central Oregon. I am happy to help! Mark Rieger (541) 480-7441.