The First National Title and Escrow team knows that most people don’t use title and escrow services frequently. It can lead to confusion or make the services feel opaque to some people. As a Rhode Island title and escrow company, we see it as our duty to inform consumers.
Title and escrow services offer valuable consumer protection forms during property transactions. While the same company may offer both services, they protect consumers differently. This guide will provide information to clarify title and escrow in Rhode Island.
Title Services
The primary role of title services is to perform a title search on the property. It involves researching public records associated with the property. The purpose is to verify ownership and ensure the title is clear for sale. It is also to identify title defects that may cause problems for the buyer.
Escrow Services
An escrow company is an impartial mediator between the parties in a given transaction. During the transaction, they may hold funds and documents to ensure the parties meet all conditions before finalizing the transaction. Their role minimizes risk for all parties and ensures a smooth and transparent process.
Opening Escrow
Opening escrow is a key stage in a real estate transaction. It begins when the parties deliver a signed purchase agreement to the escrow agent. They might also deposit funds and documents relevant to the transaction. The parties will create a neutral account for holding the funds and documents. It will also have instructions for the agent to manage the funds and documents.
Title Examination
The title examination is vital to title and escrow in Rhode Island. A title company will dig into public records to investigate the chain of title and issues like liens, tax history, and more. Along with ensuring the title is clear for transfer, it also catches issues that may be a problem for the buyer. The title company may also offer solutions if they discover title defects.
Closing Coordination
A Rhode Island title and escrow company will also coordinate the transaction’s closing. These professionals will work with buyers, sellers, lenders, and real estate agents to organize the process. They will work to prepare the documents, arrange meetings, and facilitate signings. After closing, they can issue title insurance, release funds, and ensure the recording of official documents.
Title and Escrow in Rhode Island
First National Title and Escrow offers comprehensive closing services in Rhode Island. That includes expert title examinations and escrow services. Reach out now to learn more about how we can make your closing more secure while streamlining the process.