What is Escrow?
The term Escrow can be a bit confusing for homebuyers, especially if this is your first time buying a home. When you submit an offer on a home you make an earnest money deposit to be placed in escrow to show the seller that you are committed to purchasing the property. This deposit is held by a neutral third party that has no interest or gain from the transaction. Having a neutral third party handle this gives both the seller and the buyer peace of mind that your transaction will be handled in a professional and ethical manner.
The person handling your transaction can be an escrow agent, a title agent, or a closing attorney. They will be responsible for collecting all of the paperwork, conducting a title search, scheduling the closing, and making sure that your transaction is properly recorded with the county. The person handling escrow is very important because they are responsible for contacting all parties involved and getting all necessary information, such as social security numbers, bank information, etc. After all of the closing paperwork has been signed, the money has been disbursed, and the deed has been filed escrow will be closed.
Depending on where you live you may be able to choose the escrow agent. If this is the case you may want to check out our other blog post titled “Choosing The Right Title Company” for some tips about choosing who you want to handle escrow.
Title Junction is a full service real estate title company serving the area of Fort Myers, Cape Coral and the entire state of Florida since 2005. The company handles a number of real estate title services for both commercial and residential properties. Employees of Title Junction can also act as a witness in courtesy closings as well as an escrow agent or a notary public. Please contact Jennifer Ferri of Title Junction, LLC for further information @ 239-415-6574 or www.title-junction.com.
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