Starting Out
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 6 years ago,
Earnest Money/Title Company Questions - first time buyer
I finally put my first property under contract last night. I unexpectedly ended up finding something off the MLS so I won't have an agent to hold my hand like I originally planned. I understand how everything works WITH an agent helping me but if I'm being honest, I am kind of lost on the title company/escrow side of things now that it's all in my court. Any input on my questions below would be a huge help and greatly appreciated.
1) I agreed to put down an earnest money deposit at a specific title company. How does this process work? The seller mentioned he was going to contact them (seller is a licensed agent) but if I'm being honest, I'm not entirely sure what my role is here other than the fact that I am giving a check for a certain amount. Do I need to contact the title company before I show up to set up the account? Can I show up at any one of their branches?
2) Other than the earnest money deposit, do I need to pay the title company anything right now or do I just pay them in closing fees at the end? The contract says the seller pays for the title insurance.
3) Please let me know if you think I am overlooking anything else important here...
Thanks! Apologies for the novel.