Escrow Services for Home Buying: What You Should Know
Home ownership is a common goal for many Americans, yet few know where to begin. Between knowing how much money to save toward a down payment, understanding mortgage rates, and navigating the legal aspect of purchasing a home, it can be confusing and overwhelming for some people. Thankfully, title companies in Boca Raton can help guide you through the entire process, including the financial transactions.
Expert Title Company offers escrow services in Boca Raton, giving you an added layer of confidence and security for your financial investment. Understanding how an escrow works and the benefits of having one during the home buying process can help you make the best choice for you and your money.
What is Escrow?
An escrow sounds complicated and intimidating, leading many people to believe they aren’t meant for them. In reality, they are intended for the protection of both parties in any major business transaction involving large amounts of money. When it comes to real estate and home buying, an escrow protects both the buyer and seller from fraudulent transactions.
By introducing a third-party company offering escrow services in Boca Raton, the money is taken out of the equation and secured until such a time that the sale can be completed. As a financial arrangement between two parties, escrows regulate monetary transactions hinging on the satisfaction of pre-determined obligations by one or both parties.
How Does Escrow Work?
Before any money is agreed upon and exchanged, both the buyer and seller must agree to the terms of the escrow arrangement. For a real estate transaction, this may include things like making certain repairs, settling existing liens, or other specific requests from the home buyer. On the side of the seller, escrows can ensure your time is not wasted by someone who is not serious about completing the sale. By requiring a portion or all of the agreed upon price secured in an escrow during the negotiation process, you can rest assured that the person you’re selling to is able to fulfill their side of the deal.
Once your terms are agreed to, Expert Title Company escrow services in Boca Raton will secure the funds until those obligations are met. This motivates both parties to work toward completing their end of the mutually beneficial deal. With money in escrow, home owners won’t drag their feet about settling any issues holding up the sale. Work with a title company like Expert Title Company also makes it easy to draft or edit any contracts associated with the home buying process. Once both parties are satisfied and the legal transfer of ownership is completed, the money can be released to fulfill the sale.
If something does fall through, the home buyer’s money is safe and secured. You don’t have to worry about scams or fraud that may put your money in the wrong hands. Unlike writing checks or making eTransfers straight to the home seller, escrow funds are in your control until you are ready to release them.
For more info about our escrow services in Boca Raton, contact Expert Title Company, today. We are looking forward to doing business with you.