Closing escrow is the final step in the process of buying or selling a property. It is the point at which the property is transferred from the seller to the buyer and all funds and documents are exchanged. The closing process is typically handled by a title company, which acts as a neutral third party to ensure that all legal requirements are met and that the transaction is completed properly.

The title company performs several important functions during the closing process. One of the most important is conducting a title search to ensure that the property is free and clear of any liens or encumbrances. The title company will also review the chain of title, which is a record of all the previous owners of the property.

The title company also prepares and issues the title insurance policy, which protects the buyer and lender from any financial loss due to defects in the title that were not discovered during the title search process. The title company will also handle the transfer of funds, making sure that the buyer’s mortgage and any other fees are paid and that the seller receives the appropriate funds.

Another important function of the title company is to ensure that all legal requirements are met. This includes recording the deed and any other documents that are necessary to transfer ownership of the property. The title company will also make sure that all taxes and other fees are paid, and that any outstanding debts or liens on the property are cleared before the closing.

The closing process can be a complex one, and the title company plays an important role in making sure that everything is done correctly. They will also provide a settlement statement, which shows the buyer and seller the final costs of the transaction, including any closing costs and prorations for property taxes or other fees.

It is also important to note that the title company will also provide the buyer with the original documents and the keys of the property after the closing.

In summary, closing escrow is the final step in the process of buying or selling a property, and a title company plays a crucial role in making sure that everything is done correctly. They conduct a title search, prepare and issue title insurance, handle the transfer of funds, ensure that all legal requirements are met, and provide a settlement statement. The title company is a neutral third party that acts to protect the interests of both the buyer and the seller and to ensure that the transaction is completed properly.