Many people agree that a real estate transaction is one of the biggest purchases they will ever make in their life. Whether you are the buyer or the seller, you will see that there are benefits to the escrow services that are available. In this article we will discuss How Escrow Services Work When You Are Buying a Home. If you aren’t familiar with the escrow process, here are a few things that you need to know:
What are Escrow Services?
When it comes time for money to exchange hands, it usually isn’t as simple as writing a check and handing it over to the other party. There are many things that need to be completed before the real estate transaction can close, which means that both the buyer and the seller needs to be involved to ensure everything is completed correctly. During this time, what happens to the money? An escrow account can be opened, which is an account managed by a third party to handle the funds for the real estate transaction. The buyer deposits the money into the escrow, and then the money is released to the seller when a specific event or condition has been met. The escrow account is essentially a holding place for the money that will be changing hands.
Do You Need an Escrow?
These terms and conditions are outlined in the agreement, and they are designed to protect both parties. Even if an escrow seems like an extra, unnecessary step, your Atlanta real estate agent will help you see that escrow is essential for both the buyer and the seller. When an escrow service is used, it protects everyone involved in the real estate transaction. The money is held to ensure that all of the terms and conditions have been met. It is the escrow holder’s responsibility to keep the money safe until it is the right time to distribute the funds. The escrow services can also be used for paperwork as well. For example, the escrow officer might hold onto the deed or other paperwork for the real estate transaction. The escrow officer is responsible to act for the best interest of both parties, to protect everyone based on the agreement and escrow instructions that have been provided.
Opening an Escrow Account
At Duffy Realty of Atlanta, we know how important it is to keep you protected during the real estate transaction. Generally, your real estate agent will help you with the process of opening an escrow account. A good agent can assist with the right terms and conditions to ensure that the funds are handled correctly. Our experienced team will assist to write the agreement and watch the transaction so that everything is handled correctly. If you have any questions about the escrow services or any other aspect of your real estate transaction, we invite you to contact us anytime. Duffy Realty of Atlanta is the leading real estate company in Atlanta, and we are here to help: (678) 318-1700. We hope that you enjoyed our discussion on How Escrow Services Work When You Are Buying a Home.