MYTH!
While related, title and escrow services serve distinct roles in a real estate transaction. Title service focus on researching and insuring a property’s ownership rights while escrow services handle the financial aspects and facililtate the closing process.
FACT!
There are two types of title insurance policies: a lender’s policy covers the lender, and an owner’s policy covers the homeowner. These insurance policies protect both parties from financial loss in the event that an issue or dispute predating the purchase of the property emerges.
MYTH!
Escrow companies handle a wide range of real estate transactions in Washington State – including both residential and commercial properties.