Eugene Loan Guy

Next on the list of key people for the Oregon First Time Home Buyer are the Title and Escrow officers. In most places in Oregon, they work for the same company, but it is possible to have a title company and an escrow officer work for different companies. Also, some states use closing attorneys and there are still a few states where they use abstract of title instead of title insurance, Oregon is not one of them.

The title and escrow officers are often thought of as the same role, but in reality are quite different positions. The title officer takes care of all issues that have to do with the title (also referred to as the deed) of the property. The lender will always require a title insurance policy guaranteeing that the title is free and clear of all liens except those being filed by the lender.

The escrow officer is a neutral third party that ensures everyone involved that no money will be transferred until all conditions for each side are met. They will take care of receiving the final loan documentation and make sure it is signed and notarized and any other paperwork associated with the home sale.

The escrow officer will make certain that everyone is paid and all funds are dispersed properly. (We have some exceptional escrow officers in the Eugene/Springfield area and I would be happy to recommend one.) This includes real estate commissions, homeowner’s insurance premiums, property taxes and any other closing costs. Finally, the escrow officer will see that you are properly recorded as the new owner with the county. Tomorrow, we will discuss the Home Inspector’s role in the purchase transaction.

If you have any questions about the process, or want to get involved in a home purchase, call me today at 541-342-7576/541-221-3455 Cell or e-mail me for more information.,