For the most part, whenever you buy a home, it will typically involve transferring large sums of money to purchase the property itself. In fact, to make sure that the transfer of property and the funds is secure and smooth makes things stressful. That is precisely why having a trusted escrow holder is essential. Here are some important things for homeowners to know about the escrow process.
The Purpose Of An Escrow Holder
As a very knowledgeable and neutral third party, the escrow holder will make sure that the conditions of the real estate transaction are always met before the property and money ever change hands. In fact, the process of escrow was actually developed to ultimately protect the buyer, seller, and lender.
What An Escrow Holder Does
For the most part, holders carry out essential functions of any real estate transaction. In fact, some of the important and essential functions of an escrow holder is to receive the necessary funds and documents of any real estate transaction. But, that’s not all. The holder is also responsible for completing or obtaining all the required forms to ensure the real estate transaction goes smoothly. The escrow holder is also responsible for handling the final delivery of the funds, documents, and statements to ensure they are handed to and delivered to the proper respective parties in the real estate transaction.
At the end of the day, an escrow holder has key functions and plays a massive role in any real estate transaction. In fact, without a good holder, you could potentially see some issues bubble up with a real estate transaction which could mean that the ultimate potential is that you might not get the home of your dreams if you are not protected with title insurance or if you choose to go with an escrow holder that doesn’t follow the rules.
A Title Company You Can Trust: Colony Title
At Colony Title, we will help you through the process of getting your property’s title and help you avoid the pitfalls of hidden costs while you buy your home. We are also well trained in identifying any and all errors in public records and helping you resolve them. We specialize in real estate title insurance in both Maryland and Washington, D.C., and we will perform an expert title search, check through all past documentation, and examine records for any fraud or forgery. For more information on how we can get you into the home of your dreams, contact us online or give us a call at (410) 884-1160. To get more updates on housing markets and how to get into your home, follow us on Facebook, Twitter, LinkedIn, and Google+.