What is Escrow?
What is Escrow?
There are numerous factors that affect a home purchase. If you want your home purchasing process to go smoothly, it is recommended that you understand those factors. Understanding the important real property terms when purchasing a home will help you appreciate the sales procedure and make your home buying process easier. One important aspect of a home purchase you should understand is known as Escrow.
Understanding What an Escrow is
An escrow account will keep your money safe for the home insurance, property taxes, the like. This is mostly taken care of by the mortgage company you hire the services of. But you can have an escrow account of your choice as well. An escrow company takes charge of the amount you deposit and then distributes it when all the agreements are followed. It is very beneficial to work with an escrow company because escrow agents have a lot of other responsibilities that prove useful for you.
Why is an Escrow Necessary?
As mentioned before, escrow agents have many other responsibilities. All of which are necessary to ensure that property involved is in good hands. Apart from holding and keeping your funds safe, an escrow company professionally establishes a good title. A good title helps prevent various problems in the future. Furthermore, all your necessary documents are prepared by the company and it is also ensured that all the required details involved are specified. An escrow agent also explains to the buyer and the seller everything that is stated in the documents.
Finding A Good Escrow Agent
An escrow agent plays an important role in making sure that the transfer of ownership goes as seamless and smooth as possible. That’s why it is crucial that you take your time when searching for an escrow agent in your area. Following are some useful tips in this regard:
• Ask your friends for recommendations
You can ask your friends about their escrow company and agent if they have recently purchased a house. They will surely recommend them to you if they had a good experience with them. Furthermore, you can use the internet to know more about a specific escrow company and read reviews to see what the community is saying about them.
• Use the information available online
You can use the internet to find a list of escrow companies in your area. Furthermore, you can view contact information on a specific company’s website and call them for more details. Prepare questions to ask them during your call. It is important that the receiver of your call is accommodating and friendly. Most of all, they should be able to provide you straightforward answers.
• Check their office
Make sure the escrow company you want to hire the services of is located in a reachable location because you will be working with them for a while.
Hiring the services of an escrow company is very important because it not only helps keep your money safe but also ensures that the transfer of ownership goes smoothly. Having an experienced and qualified escrow agent will help you push through with the selling process easily
Inland Empire Escrow provides escrow services for a diverse variety of real estate transactions. With offices in Chino CA and San Bernardino CA, we quickly and professionally service all the surrounding cities such as Chino Hills, Ontario, Rancho Cucamonga, Upland, Riverside, Redlands, Colton, Grand Terrace, Yucaipa, and more. To hear more about our escrow services for residential, mobile home, short sale, REO, bulk / business sale, 1031 Exchange, or agricultural escrow, contact us today at (800) 917-9387.