When you are making the most important purchase in your life, you need robust protection for your investment. Buying a house or a piece of Real estate transactions involves large amounts of money, maybe your entire savings. Going through the buying process while protected is paramount.
To fully understand what happens in closing, you need to grasp what escrow is and why it is important.
There are people out there who care nothing for an honest penny; they’ll sooner run off with your life’s savings than earn profits off a transaction. This is one of the main reasons why escrow came into place; you can’t trust everyone.
During the purchase, the seller wants to know you are committed to paying, while you need to know the seller is not a con. The escrow agent, who is licensed to offer this service will receive money from you and keep it in a neutral account until you have finalized the deal.
While the main purpose is to hold the money in trust before the transaction is completed the funds in the escrow will:
To ensure the deal goes smoothly for you the escrow agent will look at the documentation to ascertain that it is in order for the closing of the sale. Escrow services will facilitate your transactions with any stranger, and you can be sure no one runs away with your savings.
At Alpine Legal Title we offer expertise in every area of real estate closings, title insurance and escrow services. Give our office a call at 801-214-9200 to set up a free consultation or just to ask a question.