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Escrow Process - Explained

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By : Flynna Jones    99 or more times read
Escrow process is one of the most awaited events that occur during the closing day. It is always included in any real estate transaction because it will make everything secured. All the things related to computation and declaring closing costs, calculating the cash and processing the documents are some of the steps that happen before the deal ends.

For an aspiring home buyer, this term would really be new to his vocabulary. Escrow procedure happens in all kinds of real estate deal. As you continue reading this entry, you will slowly realize the importance of this procedure and why everyone should know all the details involved.

When you say escrow, it is another word for closing of sale. However in this activity, there is a mediator which is known as escrow agent. He will be assigned to perform all the needed activities for closing the deal.

There are different types of payment and important documents that must be prepared to finish the final phase of the transaction. In fact, all major parties involved will have a hard time tracking what they have to do. To be able to have an orderly closing procedure, the agent will do the job for everybody. Hence, the escrow agent must not forget something before they go.

Hiring an escrow agent is provided by different independent companies that deal with this type of transaction alone. However, a legal counsel or somebody from the title company can do this too.

To go on with the closing procedure, the escrow agent will receive an escrow agreement. Through this he will go through the tasks that must be accomplished, the expenses that must be collected and how he would give the payment.

It is not that easy finding the best escrow agent whenever you need their assistance. However, this can be done by the buyer or seller. These two parties should look for the right person since this is where the success of the transaction will rely on. Thus, it is very important that the agent is experienced and credible so you will not have to worry about anything.

When you are looking for the right person, you have to carefully evaluate the credentials of the person. Know how long has he been in this type of profession. Knowing some of these details will help in your evaluation.

Do not forget that you will also have to pay separately to the agent. The major parties have different charges since they vary in other regions. If you prefer that your legal counsel will represent you, there can also be designated charges for you.

The costs for the escrow agent are not fixed. Hence, finding the right one is very important. You need to be very cautious in evaluating every person. So do not be in a hurry to find the fortunate person.
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