Settling down in Miami, Florida can be a rewarding, relaxing, and exciting experience. Not only is the weather unbeatable in sunny Florida, but the real estate market continues to grow, offering buyers a number of options and opportunities for purchasing property.
Regardless of whether this is your first home or your third, your experience with the purchase process should be as easy and as smooth as possible. Although the real estate purchase experience itself is stressful, one way to help reduce some of the pains and pressure is to hire escrow services.
What is Real Estate Escrow?
Escrow is a term related to real estate, but few people actually know what it means. Escrow services are available for any buyer interested in purchasing property. The escrow process involves a neutral third party—an escrow officer or escrow company—who steps into the real estate process and protects any financial transactions that take place between the buyer and seller.
This is designed to protect both parties in the financial transaction. The escrow holder ensures that neither party receives or loses money until all conditions are met in a signed, legal agreement.
Another benefit of hiring an escrow officer or escrow company is that they can perform a title search. A title search involves collecting any information surrounding the title and the home such as foreclosures, liens, judgments, and more.
If there is anything outstanding prior to the completion of a sale, then the escrow company will ensure that everything is taken care of and any problems are resolved before the release of funds.
The Safety of Your Funds
Knowing that your funds aren’t in the hands of the seller right away can provide you with some relief. Working with escrow services will ensure that any outstanding items will be managed properly. But how do you know your funds are safe?
An established and qualified escrow company creates an escrow account, separate for each transaction, for the transfer of funds; therefore, the buyer’s funds are safely protected in a bank account until the sale has been finalized. A buyer will also receive receipts for these deposits so they can see their money is protected.
Title Lab Knows Your Escrow Needs
Escrow services can be a little confusing to understand, but Title Lab knows how important it is to feel safe with every real estate transaction.
To learn more about our escrow services in Miami, FL, contact us online or call us at (305) 440-4150.