How escrow company works in Caifornia
In the state of California, the buyer-seller financial relationship between buying and selling a home is done through an intermediary company called Escrow Company. According to the agreement of the parties, a screw company is selected as neutral in the transaction of buying and selling real estate.
The buyer deposits his money in the company screw and receives a receipt. The bank or Lender also deposits the buyer's loan in the screw account, and the seller receives his money from the screw after signing the document. The company screw oversees the sale and purchase of the property and initially opens an escrow account and gives its number to the parties. Any money received or paid under this screw account is done and the buyer and seller each receive a Settlement statement based on their costs.
Screw-in the housing transaction oversees that all home debts are paid and the home buyer pays the insurance for the next year. If someone owes money from a home, for example, a contractor has done something for the house and has not received his money, he can send his invoice to the screw company before selling the property and receiving his money from them.
Screw companies' wages are usually split 50-50 by agreement between the buyer and the seller. If the company's screw and title are both the same, many additional costs imposed on the parties can be eliminated. Of course, many sellers, due to ignorance, are prevented from choosing a company screw and title at the same time.