Nevada Title describes escrow as:
The Title Company is a disinterested third party that collects and disburses
funds in a real estate transaction in accordance with the written agreement for
the sale (Offer & Acceptance) between a buyer and a seller. The Title
Company receives the Offer & Acceptance signed by the seller and buyer. The
earnest money from the buyer is also received at that time and escrow is then
officially opened. The earnest money is deposited and an escrow number is
assigned to the file...
In Nevada, title companies will insure that a home title is clear so a buyer doesn't end up in a scam by a renter or other non-owning party.
Again from Nevada Title regarding title insurance:
It is protection against loss if a covered defect is found in your title. When
you buy a home, you are given a title to the property, which generally means you
receive full legal ownership. Sometimes, however, there may be a hidden mistake
in a prior deed, will, mortgage etc. that may give someone else a valid legal
claim against your property...
Title and Escrow are key components to a home transaction. All parties benefit from a good title company. Contact a real estate agent for recommendations.
Learn more about title and escrow...
