Often referred to as closing, escrow is the final step in the home-buying process. You’ll be guided through escrow by your lender, downtown San Diego realtor, and title agent, but it’s still important for you to have a clear understanding of what’s going on. This is essential for ensuring that you get the best overall value from this transaction and that no pertinent details are overlooked.
During escrow, a title company will perform diligent research on the title for your condo or loft in downtown San Diego to ensure that there are no encumbrances when the transaction comes to a close. They will look for judgments, liens, forged documents, and fraud before declaring the title free and clear. They will then issue title insurance, which is a policy that will protect you and your lender from losses resulting from any title disputes that arise in the future.
Your Escrow Agent
Your escrow agent will function as a neutral third party officer who handles all things related to escrow, including the title work. This professional will deal with all documentation concerning financing, the actual purchase of the property, and the title transfer. The job of the escrow officer is to ensure that all parts of the transaction are handled in a timely and legal fashion. While your escrow officer is not a personal adviser, you can always reach out to this individual if anxious to expedite the closing process.
Shopping for Escrow Services
Contrary to popular belief, buyers have the ability to shop for their own escrow and title services. You aren’t required to use the companies that your lender has recommended. Looking for these services on your own can help you limit your spending, given that some companies maintain far more competitive rates than others. When screening different providers, however, it’s vital to check for extra and hidden fees such as incidental charges like copying, faxing, wire transfer, and courier fees.
Finding a Closing Agent
Although your real estate agent may recommend a closing agent, it doesn’t hurt to shop around for one on your own. Try looking for a provider who’s local to your area in order to minimize your travel time. You should also seek to align yourself with a professional who’s familiar with the type of property that you’re investing in
For more information, call 92101 Urban Living at (619) 649-0368. Working with an experienced agent when purchasing a loft or condo for sale in downtown San Diego will help ensure you feel you’re getting the best deal and provide you with peace of mind during the process. ')}