by Oasis Title’s escrow services hold both the buyer and the seller to their end of the sales contract, while keeping funds safe and secure and insuring all paperwork and legal processes are a complete fit.
What is Escrow?
When a home is transitioning from the seller to the buyer, it is placed in “escrow.” Escrow is simply an arrangement where a trusted, licensed, neutral third-party handles the exchange of property from the buyer to the seller. When a home is in “escrow” it is in the process of being purchased. The title company is there to be a neutral third-party that handles closing. The title company makes sure that everyone upholds their end of the bargain when it comes to purchasing the home.
Escrow begins when a buyer makes an offer on a home, usually with an earnest money deposit. If the offer is accepted, this earnest money deposit is taken and placed into the escrow account. The earnest money deposit shows the seller a buyer’s offer is serious, and it is used to pay into the down payment on the property and the closing costs. If the sale doesn’t go through, the title company will take the earnest money deposit out of the escrow account and give it back to the buyer.
The reason escrow services are so important are to ensure that the agreement is fair and equal to all parties in the transaction. If there was no middle party, the seller runs the risk of signing away a home without getting the funds from the buyer, and the buyer runs the risk of purchasing a home without the seller providing things that are included in the contract of sale both parties agree to when accepting an offer. The buyer nor seller is implicitly in charge of paying for the escrow services, so the title company is truly an impartial third party.
A title company provides escrow services to ensure that the buyer gets the legal rights to own the property and the seller gets the correct funds for the property.
Oasis Title’s Escrow Services
When a property is in “escrow,” Oasis Title is the legal entity that moves the property from the seller and the funds from the buyer and exchanges them after all the legal documentation is completed. This exchange is called closing, and Oasis’s closings are unlike any other experience!