There are many factors involved in the process of buying a home – some of which you may not be thinking about as you pick out furniture, decide on paint colors, and start packing up your stuff. One such factor of home ownership is escrow, which involves a third party – as in, not the buyer or the seller – that holds funds associated with the documents, contracts, and title transfer. This third neutral party is often a real estate attorney.
Depending on the state, this attorney takes the place of an escrow agent, and facilitates the closing process of the home. The attorney handles the financial documents involved in real estate, making the transaction safe for everyone if one party fails to uphold their end of the contract. A real estate attorney can ensure that this process goes smoothly for everyone involved, while protecting your investment in one of the most important purchases of your life – your home!
Potential Legal Issues With Escrow Accounts
As with any major financial transaction, there are legal issues that could occur with escrow accounts. The broker, title agent, or real estate attorney entrusted with maintaining the account must be responsible. An irresponsible handler could end up commingling funds, use the funds for their own purposes, breach the terms of the contract, or commit fraud. Quite obviously, the funds in an escrow account are not to be mixed with those designated for personal use. The account is for the homeowner’s funds until they are used in the real estate transaction.
Full transparency, as well as knowledge of law and home ownership rules, are critical for a responsible escrow agent. An attorney specializing in real estate is your best bet for optimum care and keeping of those valuable funds.
Why Hire A Real Estate Attorney For An Escrow Account
Escrow accounts are a critical part of the closing process when you buy a home. However, they can be hard to understand for the average person not familiar with real estate laws. Because multiple parties are involved, each with their own separate duties, navigating the process can be a bit tricky. You don’t want your transaction to be delayed or cancelled altogether due to complications with your escrow account.
A real estate attorney can walk you through the process and handle any disputes on your behalf. From setting up the account itself to negotiations involving the account, your attorney is someone you can trust. They can protect your rights and investments if an agent involved in your real estate transaction fails to adequately perform their duties or mishandles your money. Your real estate attorney can also help you with drafting, reviewing, and then finalizing your escrow agreement. This assures that all your ducks are in a row as you embark on your new home ownership journey.
Real Estate Attorneys In South Florida
The knowledgeable staff of Handin Law always go above and beyond with the best legal assistance available. If you need escrow help, or any other type of real estate service, we’re here to assist you. With over 50 years of experience representing clients in the South Florida area, our professionalism and expertise is virtually unmatched. We will make sure that every transaction involved in your home purchase goes smoothly and is overall a stress-free experience. If you have questions or would like to schedule an appointment, please call us at 954-796-9600. We can’t wait to work with you.