Is Escrow the Buyer or Seller's Choice?
Let's break it down...
It is common to see a particular closing agent and title insurer requested in agent remarks on listings.
Sometimes those requests are from the Seller, but more often they are requested by the Listing Broker based on their industry relationships or affiliations.
We are emerging from a Seller's market where Buyers were under intense pressure to put forth an offer that would result in immediate offer acceptance by Sellers.
In that competitive environment, a Buyer may have felt less likely to have a choice on certain points of negotiation; escrow, inspection, price, or otherwise.
As we transition to a more balanced market, we remind you of the importance of a strong escrow closing team from a customer service and experiential standpoint for all parties.
The closing process is a memorable time for both Buyers and Sellers as well as a professional reflection on the Brokers involved. When parties have a positive signing and closing experience, it reflects on the Brokers (and all involved) by way of association.
The selection of the escrow closing agent is entirely a negotiable element to the purchase and sale contract. Just as the sale price, inspection/feasibility timeline, or closing date is.
It is neither the Buyer or Seller's automatic choice to direct escrow or title insurance to a particular company and escrow should always be a neutral 3rd party, meaning escrow does not "represent" anyone.
It is in both parties best interest to work together to choose escrow and title insurance pro's who are experienced, familiar with local customs, and highly capable of closing the type of transaction that they are a part of.
For more information on the types of closings that we handle within Washington state, please visit our commercial and residential services pages.