An escrow closing is now the preferred and most common ways of closing title transactions. An escrow closing requires that the lender/bank transfer money into our trust account, the buyer give us their down payment, the seller sign the deed, and everyone sign all appropriate documents. When everything is finished, Title Plus will go the local county recorder and verify that the Seller still owns the property and no new liens have attached to the property. If everything is still clear, we will record the deed, any mortgage that is necessary and and pay and current taxes. We then return to the office and send the Seller their money, and all appropriate individuals their documents. Almost all out of state lenders/banks and many local lenders/banks will require an escrow closing.
It’s essential to add information about fake escrow companies. It’s actually not that easy to choose whom to believe when it comes to choosing an escrow company since there are many fraudsters in this market. My recommendation is to read an article about escrow scams in order to understand all ins and outs of this. It will definitely be helpful.