A Title Company Does More than Just Issue Title Insurance
Posted August 4, 2019 in Real Estate Trends
Title companies are an important piece of the real estate puzzle. Yes, we keep track of property records so we can guarantee that your seller really owns the house you’re buying, but we also escrow the transaction, so that your money isn’t spent unless you get clear title to the property.
Historically, real estate closings were done by attorneys. In fact, in some states, that’s still the case. In Washington, the tug-of-war between lawyers and title companies over whom should be allowed to perform real estate closings was settled in 1983 with the adoption by the Washington Supreme Court of the Limited Practice Officer (LPO) rule. That rule allows escrow closers (usually employed by title companies) to close purchase and sale transactions. Allowing non-lawyers to select and prepare pre-approved forms for deeds and other legal documents has saved people thousands of dollars in the 35 years since the rule was adopted.
Escrow closers follow the instructions given to them in writing in the form of the Purchase and Sale Agreement and other documents. They get signatures on all necessary documents, and collect funds from the buyer and buyer’s mortgage lender, then trade money for deed when everything is in our possession. That avoids the “you go first” standoff that arises if one party says, “I’ll sign the deed as soon as your check clears,” or “I’ll give you the money when I know the house is mine.”
We take pride in the professionalism of our escrow closers. Training and support help us stay current with all aspects of real estate transactions. Perhaps as important is the ability of our escrow staff to assist all parties to the transaction to remain comfortable during a time that can be stressful.
Clark County Title is ready to team with you to make you comfortable as you buy, sell or refinance. Please call our friendly, professional staff!
Clark County Title
1400 Washington St, Ste. 100
3200 SE 164th Avenue, Ste. 219
Vancouver, WA 98683