If you’re looking for real estate closing and escrow services near Weston, you’ve come to the right place. The term escrow is one most people are familiar with, yet don’t fully understand the true definition, why they need escrow and how it works.
Here’s an overview of everything you need to know about escrow. If you’re in need of escrow and closing services in Weston, be sure to reach out and contact World Title Company to schedule a free consultation with an experienced Weston escrow company.
What Is Escrow?
Escrow is the process that things like finances, property titles, deeds, and other securities are held by a neutral third-party. During significant transactions such as these, like a real estate deal, money is placed into an escrow account.
Escrow holding companies are primarily established to provide escrow services. Your real estate agent or bank can refer you to an escrow company that provides closing and escrow services in Weston or you can contact World Title Company directly for a free consultation.
Why You Need An Escrow Account
An escrow account is usually required prior to closing on a real estate transaction. Mortgage lenders and banks require an escrow account to ensure that all costs are met during the closing.
Because the escrow agent cannot release funds until all conditions of the sale are met, both buyers and sellers are assured they have the necessary legal paperwork and other matters settled before closing on the transaction. An escrow holder protects everyone’s interests in a real estate transaction.
The Role of Weston Escrow And Closing Services
The escrow holder must make sure that all conditions of the transaction are met before the closing of the transaction and releasing the escrow funds. The escrow company prepares the instructions, requests the title search, and purchases the title insurance.
Next, the escrow holder reviews with the bank or mortgage holder any requirements for the transaction to make sure those conditions have been satisfied before releasing the funds. Buyers must turn funds over to the escrow holder to meet the conditions of the transaction.
The holder puts these funds into an account, called an escrow account. The escrow holder examines tax, interest payments and any other payments needed for the transaction. He or she may pro-rate them accordingly.
When the escrow holder has completed all instructions from both the buyer and seller, they close the escrow account and all the necessary legal paperwork transfers to the proper party. Escrow holders cannot advise buyers or sellers during the transaction.
Their status as neutral, third-party members during the transaction provides both the buyer and seller with some measure of protection. As impartial parties in the transaction, they can’t tell you what you should or should not do, if you should proceed with a transaction or similar advice.
When it comes to tax or legal matters, it’s best to find a reputable legal representative. For these types of issues, find an experienced accountant or lawyer. To learn more about our closing and escrow services in Weston, call 954-888-4646 for help.