Open Escrow

It is typical for the sellers to choose their own escrow company and title company. Once your offer has been accepted, the other agent will let you know who the escrow company is and who the title company is. The escrow company acts as a neutral third party to the transaction and cannot do anything unilaterally. Both buyer and seller must agree in writing or via escrow instructions before anything moves forward in a deal, i.e. the release of monies, changing the vesting of title, etc. Title companies provide a preliminary title report within a week of the escrow getting opened and allow for the buyer to review the chain of title, as well any outstanding liens or deficiencies in the title that could hinder the purchase from going through.