If you just sold a property and made a tidy gain, or if you are just plain wealthy, you may not need a loan; for most people however getting pre-qualified for a loan is the first and most important step in purchasing a property.
While it is not required, it can be advantageous to go the extra step of getting pre-approved for a loan before you make an offer. Because of the guarantee of a loan without waiting, a seller will often give preference or take a lower price from a buyer with a pre-approval.
An Escrow agent is a neutral third party that holds money and documents during the course of a real estate transaction. One of the major duties of an escrow agent is to ensure that the seller has marketable title and is able to transfer that title to the buyer. This is done by performing an extensive title search and issuing a title insurance policy based on the results of the title search.
Escrow opens with the deposit of earnest money and signed sales agreement. After any agreements are met, the proper documents and monies have been exchanged, and title insurance issued, escrow closes and the transaction is complete. After completion the agent sees that the deed is recorded in the public records.
In order to ensure a completely smooth transaction, we will work through each step of the process with you and the escrow agent of your choice.