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| Escrow and Settlement: |
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| For example,
you are going to need an escrow or settlement company to act
as an "independent third party" between
you and the seller. Without having a third party involved, how
do you know
that when you fork over the money, you are going to get the deed?
This is the type of service provided by escrow and settlement.
They will hold your deposit and coordinate much of the activity
that goes on during the escrow period.
Since this third party is very important to both you and the
seller and both of you will pay fees to this company, it is important
to agree on which service to use. Therefore, your choice should
be part of the offer. Since you do not buy a home every other
week or so, you are probably unfamiliar with companies that provide
this service. Your agent will make a recommendation. You have
the authority to accept this recommendation and include it in
your offer, or make your own choice.
Keep in mind that the seller will also have a preference and
this may be a point of negotiation in a counter-offer. It has
become customary that one side will choose the escrow/settlement
agent and one side chooses the title insurance company. Even
so, everything in real estate is negotiable.
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All information deemed reliable
but
not guaranteed and should be independently verified. All properties are subject
to prior sale, change or withdrawal. Neither
listing broker(s) nor Thompson Realty Inc. shall be responsible for any
typographical errors, misinformation, misprints and shall be held totally harmless. |
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