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Florida Title & Escrow Company During the Closing ProcessFlorida Title & Escrow Company During the Closing Process

Should The Buyer and Seller Use The Same Florida Title & Escrow Company During the Closing Process?

05 May 2020

When buying a home, using a Florida Title & Escrow Company during the closing process is crucial, as making mistakes can have severe financial consequences in the near future. The question is, should the buyer and seller use the same company? Read on to find the answer.

 

The Importance of Using a Florida Title & Escrow Company During the Closing Process

 

When you buy a new home or property, you hear many terms with which most people are unfamiliar, such as “escrow” and “title search.” That is because there is always a lot going on in a real estate transaction, including the negotiation process, the loan process, property inspections, title searches, title insurance, and a whole lot more. This is why buying a house can be both an exciting experience and a nightmare at the same time, especially if you are an inexperienced, first-time homebuyer who has no idea what to expect.

 

The complexity of the home-buying process and the high risk of making legal mistakes are the main reasons why, although it is not required by law, buyers and sellers should use a Florida title & escrow company during the closing process.

 

Choosing a Florida Title & Escrow Company

 

Many people wonder whether the seller and the buyer of a home have to use the same Florida title & escrow company during the closing process. To answer that question, we must first look at the terms “escrow company,” and “title company.” Although some people frequently use these terms interchangeably, they are not the same thing – not necessarily. A title company conducts title searches and issues title insurance policies; an escrow company holds the money and all of the important documents associated with a real estate transaction and sees to it that all of the details are in order so that a smooth, trouble-free closing can occur. Some companies in Florida are both an escrow company and a title company, which makes the closing process even easier because one company is taking care of everything.

 

When it comes to choosing the company that will handle a particular real estate transaction, sellers cannot make using a specific title company a condition of the sale. In other words, the buyer and seller can choose different companies; however, they typically use the same one, as it is a much more streamlined way of getting it done. Why? Because, often, it is the title & escrow companies that differ, which delays the transaction. This is referred to as a “split closing.”

 

Using Different Florida Title & Escrow Companies

 

Using different title companies to handle a single real estate transaction can be a challenge because there will be more people involved, which means getting more people on the same page at the same in order to close smoothly.

 

The advantage of using a single Florida title & escrow company for everything is that everybody is on the same timeline and working towards the same goal, which can ensure the closing happens on schedule, without having to wait for one company or another before moving forward. Using a single reliable title company can ensure that, on the day of closing, everything that needs to be done is done and that all of the paperwork is ready to sign.

 

Are You Looking For a Reliable Florida Title & Escrow Company? You Found It!

 

At Marina Title, Florida’s premier title company, we offer a full range of title and escrow services that allow us to ensure your closing goes smoothly from start to finish. Our title professionals have the knowledge and the experience to help you get through your closing quickly, efficiently, and without headaches. Our priority is to give our customers the best closing experience possible to make their home-buying experience stress free and memorable. Whether you are a buyer or a seller, our services will streamline and simplify the closing process as much as possible.

 

Buying a new home can be a dream come true, we can make sure it does not turn into a nightmare. Call us today at (305) 901-5628 or send us an email to Romy@MarinaTitle.com.

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