Why One Cannot Do Without Escrow AgentsThe successful opening and closing of an escrow depends on more than just the seller and the buyer. There is one more person who is also of critical importance for the success of an escrow. He is an escrow agent. Escrow agents are professionals appointed by either the seller or the buyer or their real estate agents to handle the operations of their escrow. Escrow agents purely act as a third party, and work without any bias towards either the seller or the buyer. Escrow agents strictly follow the instructions as mentioned in the escrow. These instructions create the guidelines, and escrow agents strictly abide by them. Most sellers and buyers prefer to keep an escrow agent so as to ensure efficient execution of the escrow deed. Before contracting a person as an escrow agent both parties need to ensure that the person has the legal authority under the law to act as an escrow agent. Escrow agent lays the foundation of activities between both the parties and builds trust. The job of escrow agents includes: accepting funds in the escrow account from the buyers and handing over these funds to the seller at the actual time of payment. Attorneys and real estate agents can also work as an escrow agent. If a buyer is buying a property through mortgage, he does not really need to worry about the escrow agents. The mortgage firm he is dealing with can easily provide him with an escrow agent. It gives a feeling of satisfaction, and assures the buyer about proper and timely fulfillment of escrow deed. The fees to be paid to the escrow agent is generally also mentioned in the escrow deed.. The buyers and sellers decide among themselves to pay their escrow agent before signing the purchase agreement or escrow deed. It is not necessary by law to employ an escrow agent. But people keep an escrow agent as they benefit from them. The execution of escrow deed requires a lot of and complete paper work. Sometimes, it is impossible for buyers and sellers to handle the paper work due to the complex nature of the entire process. Escrow agents are good at doing such paperwork, and they seldom make any mistakes. The guidelines of escrow deed make the job for these agents rather simple. Escrow agents are needed to achieve the goal of escrow deed in given time. These agents not only ensure perfect coordination between the buyers and the sellers, they also inform them about the status of each other. Escrow agents are highly skilled and efficient. They make all efforts to ensure that the closing of escrow deed is held on the date as mentioned in the escrow deed. They also make sure that both the parties are present for the smooth transfer of the ownership of property from one party to the other party. |