Escrow is a procedure between a buyer and a seller in which both enter into a contractual agreement with agreeable terms with a third party who is in charge of holding the funds being delivered from the buyer to the seller. Our office’s services will hold, regulate, and facilitate the payments of funds required for you and ensure both for you and the other party that the terms of Escrow agreement are fully followed. We ensure that your money and/or goods are secured, preventing the risk of fraud and bad business. We will hold the funds safely as a third party until both parties are satisfied and wish to proceed, and only then will we release the funds, after ensuring that all aspects of the agreement have been met. The Escrow Agent has a fiduciary responsibility to both the buyer and the seller during the closing process.
Why is Escrow Necessary?
In usual cases, when a seller wishes to sell its products to a buyer and the buyer wishes to buy the products, but they never met, there are always uncertainties and doubts about the possible transaction. The main concern usually comes when the money for the product is sent by the buyer and has been received by the seller, but the products have not yet been delivered. This is when having a third party holding the funds until the products have been received comes in as beneficial.
We are here to facilitate any business activity you wish to conduct. Whether you are a seller or a buyer, we can guarantee you peace of mind while using us as an intermediary for the transaction of funds or property.
What are an escrow agent’s duties?
• Serve as a neutral third party during a transaction
• Perform preliminary duties, due diligence, and title searches in order to ascertain good faith between parties
• Ensure that all contingencies in the contract are met
• Prepare documents for the facilitation of the sale
• Receive the funds from the buyer and hold safe
• Ensure that contractual obligations are met
• Close the escrow and release the funds as detailed by the seller and buyer
• Take record of all documents and transactions
• Prepare financial statements for each party