If you are a home owner or a home buyer you probably know that it is a long road from offer to closing. However, it is never too early in the process of buying or selling a home to think about who will be handling your money at closing. In the process of buying or selling the perfect home, many people overlook the escrow company as an important part of making the process seamless and successful.
What Is an Escrow Company Northern Virginia?
A title and escrow company orders the preliminary title report, obtains the earnest money deposit, prepares the property tax balance due to the county and handles any other paperwork that is essential to closing the deal.
If you think about it, your title and escrow company in Northern Virginia is quite possibly the most important transaction player in the home buying or selling process.
What Does Your Escrow Company Do for You?
Many escrow companies have been in business for decades. For this reason, they may be a silent partner in the home buying or selling process.
But should they be silent?
If something is possibly wrong with the title of the house or there are concerns about open permits, you need proactive communication. Don't demand anything less from such a crucial component.
What Are Your Responsibilities in the Escrow Process?
Before you go to escrow and closing, a seller should keep the house in a good condition, finish negotiated repairs and discontinue utilities and pack up. Buyers should complete their loan package, get homeowners insurance, set up utilities and prepare to move. On the day of closing the seller should bring keys and the buyer should have the mortgage approval process complete.
What Does Escrow Pay in the Closing?
The escrow company will pay the outstanding mortgage, real estate commissions, property taxes, utility bills, homeowners insurance, HOA fees or condominium dues, attorney fees, mortgage fees and possibly rent back. As you can see, with all of these moving parts, your title and escrow company needs to be on top of every part of this transaction.
Who Is Handling Your Escrow in Northern Virginia?
At Allied Title and Escrow our team of industry experts and attorneys have over 25 years of experience in title, settlements and real estate transactions. Headquartered in Arlington, VA, we provide residential and commercial services throughout all counties of Northern Virginia, Washington DC and Maryland. We strive to provide the highest level of service and will handle all aspects of the title and settlement process.