Brief Insight about Escrow Account & Agent
Posted by Compton Conveyancing on February 3rd, 2018
There are many people who are engaged in the buying of your home: agent, broker, lender, seller and an escrow agent or company. The agent and broker are responsible for providing you with a property and negotiating a deal to buy from a motivated seller. The lender, either private lender, bank, or Mortgage Company provides you the funds so you may purchase the property. And then there is an escrow involved. It is common knowledge that an escrow is what a deal must go through before the deal is closed and the transaction of your purchase from the seller is complete and you own the property.
There are Escrow agentwho is in charge of an escrow account, which is specific to a certain deal or transaction. These escrow agents usually work for an escrow company who are responsible for housing the account. When you buy a house, after all concession have been finalized and papers have been signed, the seller places the property title into an escrow account. Here, it is kept in safe keeping until the buyer transfers the money to purchase the title (property) into the escrow account. After some amount of time, the deal is said to close escrow in which case the buyer receives the title of the property, now officially owning it, and the seller receives the funds from the escrow account.
The Escrow Dubai helped as protection to both the seller and buyer. If something were to go incorrect during the escrow epoch, the seller would simply get the title back from the account and the buyer is in no danger of losing the funds. This eliminates a seller losing the property or buyer losing funds, and protects the assets of both parties. Real estate lawyer Dubai refers to a neutral third party that is responsible for transferring or exchanging assets, usually property and money. There are escrow agents who are in charge of an escrow account, which is specific to a certain deal or transaction. These escrow agents typically work for an escrow company who are responsible for housing the account.
It is highly recommended that you always use an escrow when purchasing property. In more complicated or higher priced deals, an attorney can assist you in creating an escrow account to make sure all parties are properly taken care of.Some sellers always choose to use their own, and some purchasers prefer to use their own. Excluding personal preference, as long as it a reputable company, really any escrow company will work.
About the AuthorCompton Conveyancing
Joined: June 29th, 2016
Articles Posted: 49
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