Skip to main content
All CollectionsEscrow, Title, & Paperwork Management
The Difference Between Our Transaction Management Service and Escrow
The Difference Between Our Transaction Management Service and Escrow

What's the difference between you and escrow. What does Escrow do?Are you escrow?

Updated over 4 months ago

Many sellers believe that escrow and title companies handle all the necessary paperwork and provide representation during the sale of their property. However, there are critical differences between the services offered by escrow/title companies and the support provided by agents and Listed Simply's Transaction Management Services.

What Escrow and Title Companies Do:

  • Escrow Services:

    • Neutral Third Party: Escrow companies act as a neutral third party to facilitate the transaction. They hold funds, manage the disbursement of money, and ensure that all conditions of the sale are met before closing.

    • Document Management: Escrow companies handle specific documents required to close the sale, such as the deed, loan paperwork, and other escrow specific form required to close.

    • Fund Distribution: They ensure that all parties, including the seller, buyer, and any involved agents, receive their respective payments.

  • Title Services:

    • Title Search: Title companies conduct a thorough search to verify the legal ownership of the property and ensure there are no outstanding liens or claims.

    • Title Insurance: They provide insurance to protect the buyer and lender from any future claims against the property.

    • Title Transfer: Title companies handle the legal transfer of ownership from the seller to the buyer.

What Escrow and Title Companies DO NOT DO:

  • Representation: Escrow and title companies do not represent the seller or provide legal advice. They are impartial facilitators of the transaction.

  • Negotiations: They do not handle offer reviews, counteroffers, or any negotiations on behalf of the seller.

  • Transaction Coordination: Escrow and title companies do not manage the entire transaction process, including communication with buyer agents, lenders, appraisers, and other parties involved.

  • Compliance Management: They do not ensure compliance with MLS rules, state laws, manage status changes, or protect sellers from potential fines and violations.

How Listed Simply's Transaction Management Services Benefit You:

  • Comprehensive Support: Our experts represent you throughout the entire transaction, handling negotiations, offer reviews, and ensuring your interests are protected.

  • Legal Representation: We provide legal advice and act as your legal counsel, something escrow and title companies cannot do.

  • Compliance and Status Management: We manage MLS status changes to prevent fines and violations, ensuring you stay compliant with all rules and regulations. Additionally, we provide sellers with a complete file at the close that is in compliance with state law.

  • Seller Disclosures: We provide all required legal seller disclosures and help you fill them out properly.

  • Contingency Management: We work with the buyer's agent and lender to ensure contingencies are removed on time and that the buyer's loan is processing smoothly.

  • Repair Request Negotiations: Most buyers will submit repair requests, asking for credits or fixes. We know what is standard and negotiate better terms, often saving you thousands of dollars.

  • Risk Management: With our Errors and Omissions Insurance, you’re protected from legal claims, reducing your risk and giving you peace of mind.

Conclusion:

While escrow and title companies play crucial roles in facilitating a property sale, they do not provide the representation, negotiation, and comprehensive support that Listed Simply offers. Our Transaction Management Services ensure that you are fully supported, legally protected, and compliant throughout the entire process.

By combining our Transaction Management Service with escrow and title companies, you get a comprehensive solution that covers all aspects of your transaction. This ensures nothing falls through the cracks and you are fully protected and supported from start to finish.

Check out this article on the Top 5 Things To Ask The Escrow Officer.

Did this answer your question?