Intermediaries fully informed as to the products and services we can offer to help them and their customers enjoy a smooth and pleasant escrow and title experience.
For buyers and sellers in a typical real estate sale transaction, the escrow and title portion of the process is the least understood and the most fraught with potential problems.
Often, misunderstandings occur because the parties are not familiar with the role of an escrow, especially the legal requirements and limitations to which an escrow officer must adhere.
The following should bring light to questions consumers typically ask about escrow and the escrow process.
Escrow, or the services of a qualified escrow agent, assures to all interested parties, that the rules and regulations governing real property transfers will be strictly observed by a neutral third party with an objective interest in completing the transaction.
In a typical sale transaction, the escrow fee is based on the purchase price.
In Washington State this fee is traditionally split equally between the seller and the buyer. Escrow fees are a negotiable item, subject to agreement between the parties.
If the sale transaction involves a federally guaranteed VA loan, the buyer is not allowed to pay any escrow fees and the entire amount will be paid by the seller.
For a loan-only transaction, such as a refinance, the fee is based on the new loan amount and all charges are typically paid by the borrower.
For a smoother, more timely escrow closing, the following documents should accompany a new title and escrow order:
In the event there are additional or subsequent addenda to the original agreement, forward them to escrow as soon as possible.
The basic definition of an escrow agent’s responsibility is to accept and hold a deed from the seller in exchange for funds from the buyer.
The escrow agent will concurrently, when all mutually agreed terms have been satisfied, release the funds to the seller and deed to the new buyer.
In most sale transactions, this “simple” process requires the escrow agent to perform the following:
Guardian Northwest Title & Escrow stands behind its proven reputation as a responsive, full-service title and escrow company.
Title insurance underwriting questions which arise in any transaction, are dealt with speedily and with certainty.
Providing escrow services enables us to offer a one-stop approach to completing a real estate transaction.
When you sell, buy, or refinance property in Skagit County WA, consider using Guardian Northwest Title & Escrow.