Escrow Thursday: Who Determines Which Escrow Company is Used

Who Determines Which Escrow Company is Used?

It is usually the choice of the seller in a real estate transaction. When a real estate broker or agent gets a listing, they will contact a title company and “Open Title”. What that means is they are asking the title company to provide them with a preliminary report concerning the ownership of the property about to be listed for sale. It also sets up a title insurance policy to examine a title to determine any potential title issues before the property is sold.

When an offer is made on the home, if the potential buyer wants to use a different title company or escrow company, now is the time to negotiate the change. If both parties agree, the change of title and escrow companies will be noted on the purchase and sale agreement.

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