Title Lab: Real Estate Escrow Services in Miami, Florida
Title Lab offers clients a wide variety of escrow services in Miami and throughout South Florida
Title Lab, LLC offers escrow and the services connected with it as a function of your real estate closing. In terms of a real estate sale, escrow is a method used to ensure that those purchasing and selling property are protected. Escrow is a way for sellers and buyers to arrange for their funds to be available after all legal and monetary considerations regarding a property sale are finalized.
An escrow holder such as Title Lab gives important protection to those purchasing real estate. An independent third party, the escrow holder, arranges for funds to retain the purchase of a property. Along with providing a title search and its results, Title Lab offers escrow services.
Title Lab will collect all information and documentation concerning liens, judgments, easements, foreclosures, and other encumbrances, present an official document to the buyer and seller, and prepare for the final sale. Such sale will not occur until any and all problems associated with the property are rectified. The sale is completed with the release of escrow, which transfers property, money, and appropriate legal documents to the rightful parties.
Opening an Escrow
When a real estate sale is being conducted, the realtor usually opens the escrow. However, if the sale is a private one and does not utilize a realtor, then the buyer and seller may open the escrow. Escrow funds are given to the escrow holder once those who are involved in the property negotiations reach an agreement. The escrow company also holds the agreement, which specifically outlines all aspects of the purchase and the ultimate release of the escrow.
Along with documentation concerning the purchase agreement, the buyer and seller who are involved in the escrow are often required to fill out a Statement of Identity. This statement, which is confidential, is used to establish the specific identities of those involved in the purchase to ensure that those said to be taking part in the sale are properly accounted for and there is no doubt as to their identity. In addition, contact information, including the person’s address, is usually required.
Where the Funds Are Held
Title Lab establishes a separate escrow or trust account for each transaction. The funds are deposited and held in an FDIC insured bank account until all aspects of the sale are finalized. The purchaser of the real estate, receive a receipt documenting the funds under deposit.
Funds may be held for 45 to 60 days on average, as this is often the length of time it takes to perform the title search and finalize the sale. If a sale has been expedited, escrow may be released in a few days or a week.
A Safe Transaction
Title Lab’s escrow services provide a safe purchase process for real estate and an equally safe venture for sellers. We ensure the validity of the sale.