Escrow is a way of transferring money, goods, or property from one party to another. An intermediary holds the money, goods, or property until the transaction gets completed and delivered. An escrow agent is an individual or company that performs this function for other people. Here are the roles and responsibilities of escrow agents in Fleming Island, FL.
Prevents Fraud
An escrow agent is liable if a buyer or seller commits the offense of fraud on the escrow system. The fraud could be by relieving them of their responsibility for payment to another party and conducting unauthorized transactions with another party’s money, goods, or property after being given an electronic key. This could also involve stopping illegal activities like making false statements in an affidavit of representation, fixing actual or asserted defects in the contractual documents without a reasonable cause/excuse, and obtaining consent from a third person.
Aids in the Completion of Transactions
An escrow agent is a third party appointed by a buyer or seller as an unbiased person responsible for collecting funds from the other party and delivering the required funds to the other party. The agent will notify buyers who apply and deposit checks before signing contracts for home purchases. They will also notify sellers about closing dates, payments due, and payment methods.
Acts As a Channel Between the Buyer and Seller
Many parties to a real estate transaction are often unaware of each other. Therefore, you need an escrow agent who is a facilitator between the buyer and seller agents. Usually, within only 24 hours of offering the property, both parties must meet to finalize terms closer to contract completion.
Acts as a Center for All Inquiries Throughout the Transaction
Because all escrow accounts get managed by the agents, one seeking to engage their services must know what fees, restrictions, and terms they would get in return.
Acts as a Backbone for Other Escrow Services
When a client is dealing with a company that acts as an escrow agent, they would be bound to act similarly. Therefore, the transaction is secured among them whenever they deal with the company on later transactions.
Deposits Money in the Intended Place and Sends Original Documents to the Client
Money is normally deposited to enable the client to withdraw his funds. The escrow agent also transmits to each registered party an approved electronic key, a digital certificate of authenticity, and copies of records relating to the property in question.
Contact the Professionals
An escrow agent contributes to creating a strong bond between the participants in a real estate transaction. The parties face each other with confidence, and they only trust those they truly know can act as trustworthy. This protects the parties from all kinds of issues that might erupt during their normal relationship. Consider contacting escrow agents in Fleming Island, FL if you plan to buy or sell a property.
