A common feature of many real estate transactions is a provision for escrow. This means a third party (the escrow agent) takes some part of the transaction. This is to be held until a certain event takes place. Then, that part of the transaction is delivered to another party. In a real estate transaction, the buyer, seller, or lender writes the escrow instructions, telling the escrow agent how to proceed.

A few common duties of an escrow agent include holding the buyer’s down payment until closing. Moreover, holding the money the bank has loaned the buyer. Obtain the deed from the seller, and file it appropriately. And figure out the amounts owed by both the buyer and seller. In a simple scenario, the agent would hold the buyer’s down payment until the seller provides a clear title to the home. And then deposit that money accordingly.

It is important to note that an escrow agent is not an attorney. And cannot provide you with advice regarding the transaction proceedings. Therefore, obtaining the services of a real estate attorney is helpful.

Escrow is an important feature of home closings, and no closing is complete without first closing the escrow. This can often be a stressful time, and without the aid of a real estate attorney, you may feel like you’re over your head. When you contact Hyde Law Firm, P.A., you are getting a dedicated team ready to handle the ins and outs of real estate transactions. Our firm will be on your side to ensure that every “i” is dotted and every “t” is crossed. So that you know each aspect of buying your dream home has been addressed thoroughly and professionally.