The question that starts today’s article is as interesting as much as it is important to clarify. We have said that you should and must get an escrow when you either buy or sell property, but one thing not many people are aware of is that you can use an escrow for other purposes that also involve the management of important financial resources. Like for instance refinancing a mortgage or a loan. Yes, an escrow is also useful for these purposes.
The thing is that when you, for example, refinance the mortgage of your home you’re in pursue of getting better options like lower monthly payments and a better management of the debt. So, what does this have to do with a real estate agent? Well, it is understandable that the mention of a mortgage relates you to real estate, which is normal. But here’s the caveat. Yes, having a real estate agent involved in these kinds of processes is always useful, they have all the know-how and the tools to either help you buy or sell a property. Yet they’re not critical, which means, you can do it all on your own, of course, that will be more complicated than it seems.
NOT ALL ESCROWS ARE FOR REAL ESTATE PURPOSES
So, here comes the situation. Yes, if you’re buying or selling a house, it Is more than certain that you will be dealing with a real estate professional, like we said it will make the process a lot easier. But, as we mentioned it before, what if you’re refinancing a loan? That’s something a real estate agent has nothing to do with. No, that’s between you and a financing institution. That’s it. But that does not mean you can’t get an escrow. In fact, it’s one of the things we suggest you do. It is better and it will make the process easier as well as help you make sure that all taxes and related payments are taken care of. That’s one of the things not too many people are aware of.
Also, there are processes like for example managing vacant land, that kind of process can also benefit from the use of an escrow. Or what if you’re the owner of a liquor store and you’re in the process of passing the liquor distribution license to another party? Well, that’s where you need an escrow for sure. The thing is property buying is not the only type of transaction where an escrow is key to have an easy going. There’s a lot more.
Of course one critical thing to consider is with whom you’re getting that escrow. You have to take into consideration that not every escrow office is the same and not every one will offer you things like cutting-edge tools to manage all the process and staff that is knowledgeable of it all. No, you need someone like us. That knows how to manage each and everyaspect of the process. Of course for that to happen we need to know in depth what your needs are. Give us call. Let’s get on it as soon as possible.