|
|
 |
 |
|
What is Title?
Title insurance
is an agreement between the title company and the buyer that
promises to protect the buyer against any loss arising from a
defect in the title that is covered by the policy. Before the
policy is issued, a preliminary title report is provided which
shows the buyer who owns the property and the existence of any
documents or other matters which have been recorded in the
public records which affect the property or the seller of the
property. The purpose of this report is to advise the buyer of
the current status of the title of the property so that matters
which affect the property and which are unacceptable to the
buyer can be removed., if possible, before the sale. This
report also states for the first time what conditions of the
title the title company is willing to protect the buyer against
and making exception to those matters against which it is not
willing to ensure. Title insurance is not a guarantee against
future events, but is, for the most part, a promise of what has
happened to the property in the past.
What is Escrow?
Escrow is an
arrangement where a neutral 3rd party handles real estate
documents and funds on behalf of the buyer and seller, then
distributes them according to explicit written instructions of
the buyer and seller, according to the terms in the earnest
money agreement and any addendums. Since the escrow company
acts as a custodian for funds and money, as well as an agency
which performs the clerical detail necessary to close the sale,
escrow enables each party in the transaction to deal with one
another at less risk. This function is executed by a person
called an Escrow Officer. At Fidelity National Title, we take
great pride in the fact that a high majority of our Escrow
Officers are “certified” by the Oregon Escrow Council and will
provide you with top of the line service.
|
|
|
|
