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For example, you
are going to need an escrow or settlement company to act as an "independent
third party" between you and the seller. Without having a third
party involved, how do you know that when you fork over the money,
you are going to get the deed? This is the type of service provided
by escrow and settlement. They will hold your deposit and coordinate
much of the activity that goes on during the escrow period.
Since this third
party is very important to both you and the seller and both of you
will pay fees to this company, it is important to agree on which service
to use. Therefore, your choice should be part of the offer. Since
you do not buy a home every other week or so, you are probably unfamiliar
with companies that provide this service. Your agent will make a recommendation.
You have the authority to accept this recommendation and include it
in your offer, or make your own choice.
Keep in mind that
the seller will also have a preference and this may be a point of
negotiation in a counter-offer. It has become customary that one side
will choose the escrow/settlement agent and one side chooses the title
insurance company. Even so, everything in real estate is negotiable. |
