A title company is a business that specializes in handling the transfer of ownership of real estate. In a Idaho real estate transaction, the title company plays a number of important roles, including:
The title company helps to ensure that the real estate transaction is conducted smoothly and that the ownership of the property is transferred legally and properly. It also insures that the work they do has identified all known public liens and other encumbrances have been identified and resolved with the buyer and seller before closing. The make sure that the legal description of the property is correct and represents the property correctly. These tasks and others are performed by title company employees.
Title company employees play a variety of roles in the real estate transaction process. Some of the specific roles that title company employees may have include:
The employees of a title company work together to ensure that the real estate transaction is conducted smoothly and that the ownership of the property is transferred legally and properly. You'll notice that some of the roles use the name of Title and others use the role of Escrow. This can often be confusing to people as most, but not all title companies provide escrow services too.
Title companies and escrow companies are similar in that they both play important roles in the real estate transaction process. However, they are not the same thing.
A title company is a business that specializes in handling the transfer of ownership of real estate. This includes conducting a title search, issuing title insurance, facilitating the closing process, and handling the escrow process.
An escrow company, on the other hand, is a neutral third party that holds onto the funds and documents related to a real estate transaction until all of the necessary conditions have been met. Once those conditions are met, the escrow company disburses the funds and transfers ownership of the property.
In some cases, a title company may also offer escrow services. In these cases, the title company is responsible for both the title-related tasks and the escrow-related tasks in the real estate transaction. However, it is also possible for a separate escrow company to handle the escrow process in a real estate transaction, while the title-related tasks are handled by a different company.