12 Jan Do You Know about Escrow?
A common feature of many real estate transactions is a provision for escrow. This simply means that some part of the transaction is given to a third party (the escrow agent) to hold until a certain event takes place, and then that part of the transaction is delivered to another party. In a real estate transaction, the escrow instructions are written by the buyer, seller or lender, telling the escrow agent how to proceed.
A few common duties of an escrow agent include: holding the buyer’s down payment until closing; holding the money the bank has loaned the buyer; obtaining the deed from the seller and filing it appropriately; and figuring out amounts owed by both the buyer and seller. A simple scenario would be that the escrow agent holds the buyer’s down payment until the seller has provided a clear title to the home, and then deposits 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 in 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 that each aspect of buying your dream home has been addressed thoroughly and professionally.