Buying a Home? Why You Need an Escrow Service

Purchasing a new home is one of the most exciting and stressful moments of anyone’s life. Choosing a home is a massive commitment that can frame your life for the next 30 years or more. Finding a home that meets your current needs and allows for growth in the coming years can be a time-consuming process, but it’s important not to rush. Real estate closings in Boca Raton can be tricky to navigate. Because homebuying is a major legal and financial transaction, protecting yourself and your interests is important. Here’s how escrow services in Boca Raton can help do just that.

Security

The primary function of an escrow service is to provide security for both parties involved. Escrow services through Expert Title Company protects your investment by placing your money in a secured account, only to be released when all agreed upon terms are met. For real estate closings, this can include making necessary repairs, addressing property liens, and transferring deeds and titles. This prevents fraudulent transactions by assuring your satisfaction before any money is moved. Escrow services in Boca Raton are beneficial for the selling party, too. Not only do they guarantee the agreed upon amount, escrow accounts mean that money cannot be withdrawn unless the contract is completed or voided. Unlike financial transfers from a traditional bank account where money can still be used, this approach to real estate closing is separate.

Expediates the Closing Process

With escrow services in Boca Raton through Expert Title Company, you can expediate the real estate closing process to get into your new home and on with your life sooner. Because escrow accounts provide a financial guarantee, the real estate closing process runs much more smoothly. The real estate closing process begins as soon as your offer is accepted. The final closing date is typically scheduled for several weeks after an accepted offer, allowing for plenty of time to iron out the final details. During this phase, the seller must meet the terms of your contract, prepping the home for occupation.

Ensure Contractual Obligations are Met

Buying a home is a major legal and financial transaction. Once the paperwork is complete and ownership has been transferred, you are entirely responsible for your property. That includes prior damages and future damage caused by the previous owner’s neglect. This is why it’s so important to get a home inspection prior to completing the sale. Otherwise, you may find yourself in a stressful financial situation, responsible for repairing damage you didn’t cause.

Using escrow services in Boca Raton keeps the power in your hands. With the financial leverage on your side, you can more easily negotiate the terms of your contract, including repairs. Expert Title Company is knowledgeable and experienced in all levels of real estate law. We are here to help ensure your new homeownership begins on the best foot possible. Our team of financial experts can help walk you through the process of setting up your escrow account today. Contact us now to secure your money and your future!