Escrow
Escrow acts as a neutral coordination point for documents, instructions, funds, and transaction conditions.
Escrow + title
Escrow coordinates the transaction while title helps protect ownership.
Mortgage and real estate transactions depend on several parties working together to verify ownership, handle funds, satisfy conditions, and record the transfer.
Title search
Title work identifies ownership, liens, recorded interests, and other matters affecting the property.
Title insurance
Title insurance provides protection against certain covered title defects or claims.
Mortgage payoff
Existing liens generally need to be satisfied as part of a sale or refinance.
Recording
Ownership and mortgage documents are recorded with the appropriate local government office.
Closing
The transaction closes when required conditions are satisfied and the applicable documents and funds are completed.