Escrow is the process that buyers and sellers of homes
in San Jose use to complete the monetary and legal details
of a sale. A neutral third party manages the escrow, called
an “Escrow Officer” who generally works for
a title company. “Title” is the proof of ownership
of a property. The title company ensures that all terms
of the contract are adhered to before the sale is complete
and money changes hands.
In order to successfully bring an escrow to close, the
San Jose title company will:
• Obtain a
title report to ensure that the seller has the right to
transfer ownership (title) to the buyer
• Ensure
that any previous loans on the property have been paid
off
• Acquire necessary loan and insurance
documents
• Confirm that necessary inspections
reports are on file
• Arrange for the buyer
to sign all necessary paperwork to complete the close
of escrow
When these details are complete, the escrow officer requests
the funds to be released and instructs the title department
to record the transaction at the County Recorder's Office,
thereby closing escrow.
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