Escrow agents are important to protect transactions and ensure that both parties in a deal remain true to their word. They help protect the buyer, who will pay only if the item or service is received as promised, and they also help protect sellers, who will only receive payment once they have received the product or service. In addition to reducing the risk of fraud, the agents offer many other benefits, including extra protection for consumers and retailers.
For example, when purchasing a home or real estate property, sellers are often required to provide a deed of trust to the buyer before the deal goes through. With this deed of trust, the seller agrees to sell the property at a certain price and must give the title and sell it only after certain conditions are met. Thus, the agents can help protect sellers from people who might not have the funds needed to purchase property or could even be trying to scam them. Here are the benefits of having an agent when buying a home.
For anyone with real estate that they want to sell, having an agent is a great way to ensure the deal goes smoothly and without issues. By employing an expert in real estate transactions, anything that could go wrong with the sale of the home can be avoided or addressed. This is especially true for inexperienced business owners or those who are new to the field of selling property.
These agents are essential in ensuring every requirement is met before the transaction is complete. This includes requirements such as ensuring the deed of trust is in place, that buyers have the funds to pay for the property, and that any other pre-conditions are met before the transaction proceeds.
Furthermore, the agents are experienced in handling real estate transactions. They know you must take steps to ensure that all formalities are completed before a deal is finalized. They also know which paperwork must be completed first and how to complete it.
In many transactions, buyers and sellers must put some money down as security until the deal is complete. In many cases, this is called earnest money. This money must be held securely during the transaction to protect it from theft or loss. A good agent will handle these deposits in safe and secure locations until it is time for them to be transferred over.
In many transactions, the buyer and seller may need to meet at some point during the transaction. However, an agent can eliminate these meetings by taking care of every aspect of the deal on behalf of these parties. This includes reviewing all paperwork, ensuring it is completed promptly, and contracting with any third parties you may need to complete the transaction. By eliminating these in-person contacts between buyers and sellers, the agents help reduce fraud or theft.
We are committed to helping our clients get the best rates, terms, and services available at Expert Title. Our mortgage advisors will ask you about your financial history and goals during your first meeting. We will then explain any options you may be qualified for in greater detail so that you can understand the process and make an informed decision on what is best for you. Call us to request more information today.