Posted on October 29, 2016
Finding A Reliable Escrow Agent For Your Real Estate Transactions
If you are into a real estate transaction, what you always wanted is on the closing of the deal. You cannot afford to fail or to wait for so long for its closing. With this, asking for an assistance of an escrow agent is a mandatory step and is very crucial. Sometimes the result rests on them. Below are some tips on choosing a reliable escrow agent to help you in your real estate transactions.
Escrow Account Definition
The escrow agent:
- Retains custody of the assets like cash and securities
- Processes all disbursements required in the escrow agreement
- Provides the accounting of all the real estate transactions
- Help you set-up your account
- Makes investment options available
- Oversee this entire process
Do not worry too much if you cannot understand all the details of the transaction because as long as you have a reliable escrow agent, then he will do the job for you. On the other hand, make sure that you have a basic understanding on financial matters on all of your transactions so that you will not get taken advantage of.
The following are some characteristics that you have to consider when choosing an escrow agent:
When it comes to closing a deal, you have to select a responsive agent that can set up an escrow account under tight time constraints.
Your escrow agent should have all of the services necessary to have a smooth transaction in the entire process. This is from the preparation of the escrow agreement up to the disbursement of the funds. The administrative burden will be managed by an escrow account and this saves time and effort as well.
Trained and Experienced Staff
You should look for an escrow agent that has staff that can service different types of escrow accounts for different situations. A trained and experienced escrow team leads to a smoother transaction and fewer hassles.
Quality Investment Options
Most of the time, the main goal of an escrow arrangement is to protect a sum of money until it can be released to the rightful owner. The escrow agent should be able to provide a range of quality money market mutual funds that are designed to preserve capital.