Clearview Title’s Escrow Services
Escrow services are needed for a number of transactions. It is a good way to have money set aside so that it can be safe while a transaction is completed. Keeping money safe during certain transactions is an important part of completing that transaction. Escrow services provide a way to do this.
Escrow Services in Fredericksburg, VA
When you need escrow services in Fredericksburg, VA, it’s important to seek out an experienced company that can handle the job. If you are buying real estate, this may be necessary for keeping both parties safe.
What Are Escrow Services?
Escrow services is the term for a legal concept that is a type of financial arrangement. In this arrangement, money, or another asset, is kept safe by a third party, such as an escrow company, for two parties who are working on a transaction. An escrow agent manages this account to ensure that it stays in escrow until the time has come to release it to the correct party. There is generally a contract in place between the two parties that stipulates how long the money will stay in escrow and how it will be distributed afterward. Once the contract has been fulfilled, the escrow agent will release the funds or assets. While it’s common for money to be held in escrow, it may also be funds, securities, or other valuable assets. Escrow is sometimes used for online transactions to keep them safe for both the buyer and the seller.
When funds are kept in escrow, the buyer of an object or property can have the escrow agent keep them until the transaction goes through and the money is released to the seller. This allows both parties to have some protection in case the transaction doesn’t go through as planned. If the future of a transaction is at all uncertain, using an escrow service is a good way to make sure things don’t go wrong.
When escrow is used in real estate transactions, having funds placed in escrow makes it possible for a buyer to make a deposit in good faith so that they can work on the purchase of the property. Many sellers see money in escrow as being a signal that the buyer is serious about buying the property and is willing to put money down to secure it. Some real estate transactions require the buyer to put money in escrow to reserve a property.
Why Choose Clearview Title?
When you need a company to handle your escrow services, Clearview Title is the place to call. We’re highly experienced in many types of escrow and will offer the protection that the buyer and seller are looking for.