Buyers and sellers both are protected with this arrangement. Legal protection is allowed for everyone involved in the transaction during the closing process. 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.
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