Perfect Title & Escrow, Inc is one of the most reputable and reliable South Florida escrow companies. Located in West Palm Beach, we provide escrow services for all kinds of commercial and residential real estate transactions. It is very important for any real estate transaction to involve a reputable real estate escrow company that all parties can trust.
Escrow companies can be used for a variety of reasons but they all essentially do the same thing. An escrow is a third party to securely deposit funds and/or documents with while a transaction is taking place. Once all of the terms and conditions of the transaction are met, the deposit will be released to the correct principals as determined in the escrow agreement.
In terms of real estate, escrows are often used in a variety of ways. Mortgage lenders oftentimes require a set amount of money be set in escrow to cover principal interest payments, property taxes and other fees. A more common use of escrow when it comes to real estate involves the buyer placing an agreed amount of funds into the escrow (purchase price plus or minus closing costs) and the seller placing the title and any other paperwork required for a successful real estate transaction to take place. The terms of the escrow are set ahead of time, and when they are met, the buyer receives the title to the property and the seller receives the money.
Because real estate transactions involve the ownership of property and oftentimes large amounts of money, it is very important to use a trusted escrow company with a solid reputation. All parties of the transaction must agree on who to use for the escrow, so the buyer and seller must come to an agreement before setting up the escrow. Real estate agents often have escrow companies that they work with regularly that they can recommend to their clients which makes the process a little easier. If you are a real estate agent and you are looking for a reliable escrow company to partner with for all of your real estate transactions, call us today!