Usually, the escrow holder handles each of the necessary steps throughout the closing. Keep in mind that there are alternatives to an escrow holder, depending on the location in which you live.
Using an attorney.
Real estate laws vary by location. Many necessitate the use of a lawyer during these transactions, and this is especially true along the East coast. The attorney in these cases takes on the role of the escrow holder. However, it’s advisable for a seller to utilize an attorney throughout the closing process, whether required or not. An attorney can often handle questions and concerns that others cannot.
Using a title company.
Title companies can provide title insurance and often have access to your escrow and closing needs. You need to have a clear understanding of what your state specifically requires of you, before hiring any providers to aid in the closing of your property. Your work isn’t finished yet. In fact, you’re just getting started. Keep these three things in the forefront of your mind, and your closing should go smoothly. 1. Your buyer must get their loan approval. 2. You must meet all the expectations of the buyer’s lender. This could include an appraisal, title insurance, surveys, and title inspection. Remember, this changes from location to location and by lender. 3. The inspections come next. Hopefully, you’ve already done a pre-inspection and the ones required by the bank will run smoothly.
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