What Does an Escrow Company Do in Ohio & Florida?
Expedient Title: We close anytime, anywhere!
An escrow company is a third party used in many types of transactions. They are most frequently used in real estate but can also be used for things like the sale of a business or intellectual property. In this article, we will discuss the role of an escrow company in Ohio and Florida. We will also provide some tips on choosing an escrow company that is right for you!
An escrow company essentially acts as a middleman between the buyer and seller. They hold onto funds from the sale until all conditions of the sale have been met. This ensures that both parties are protected if something goes wrong. For example, when closing a cash transaction, if the buyer does not receive the property as agreed upon, they can get their deposit back from the escrow company.
When selling a piece of real estate, the seller will usually require that the buyer put down a deposit held in escrow with their Realtor or title company, until the sale is finalized, at which time the deposit is released. In addition, the escrow company may also be responsible for handling other documents, such as the title transfer and deed. If you are taking out a mortgage on a property, the lender will often require an escrow account to pay your property taxes and homeowner’s insurance premiums. The title agency will collect these funds on your final Closing Disclosure, to be disbursed by your loan servicer as you make your monthly payments.
If you are looking to purchase real estate in either Ohio or Florida, an escrow company can be a great option for ensuring that your funds are secure throughout the process. By using an escrow service to hold your down payment and other funds, you can have peace of mind knowing that your assets are protected from any unexpected cracks in the deal.
Utilizing our services will take the pressure off you, as you don't have to worry about dealing with large sums of money when negotiating for the property. Plus, many escrow companies offer various additional services that can make purchasing real estate much easier, such as clearing defects in the chain of title and obtaining releases for old liens that could cloud title and prevent your transaction from moving forward. If you're looking to buy or sell property, we invite you to contact our team at Expedient Title – it may be just what you need to get the best deal possible on that perfect piece of Ohio or Florida real estate. Quotes are provided upon request by emailing email@example.com. We are sure you will not find better service at our economical rates!