Escrow Services Washington, DC
Navigating the settlement process can be difficult, so if you are searching for guidance it may benefit you to work with a dependable and highly recommended settlement company that offers Escrow Services in Washington, DC, such as Capitol Title Group. Real estate encompasses many topics, and everyone has different ideas of what makes an ideal sale or purchase. For new homeowners, buying a property is one of the most exciting yet challenging milestones. Luckily, any concerns or issues you may have can be successfully resolved with the help of a reputable title and settlement company such as ours.
At Capitol Title Group, we want to provide an efficient and affordable experience for our valued customers. Over our decades of operation, we have been recognized as one of the leading settlement companies with an exceptional record of customer satisfaction. Offering a range of services, including a quick and convenient online system, we have the resources to take care of your real estate needs. Whether you have questions about title insurance or want to know the best way for securing a settlement, we will work to find a solution for your particular matter. Send us a message now so we can better assist you.
What You Should Know About Escrow
Understanding how escrow works can be difficult for many people, especially for those who are purchasing property for the first time. Escrow is defined as a process where the parties involved in a transaction agree to use a third-party to hold assets or funds before they are officially transferred. A contractual agreement between the two parties outlines certain conditions that must be fulfilled in order for the transfer of funds to occur. Escrow allows the buyer a period of time to meet the requirements, while adding a layer of protection for both the buyer and seller. Escrow ensures that a transaction is secure. If you are in need of escrow services, go to a top settlement company for details.
Within the context of real estate, escrow is a critical part of ensuring that your deposit is protected. The funds are placed in escrow accounts, which may be a requirement depending on your situation. Things like money and other assets can be put in an escrow account. There are different types of accounts, and the type a buyer chooses depends on what they intend to use it for. For example, an escrow account may be created specifically for future taxes and homeowners insurance, with regular deposits being made. If you have questions about how escrow works or want to know how our Washington, DC escrow services can be of help to you, contact us to learn more.
The Steps in Escrow
Buying a house can be an exciting yet complicated purchase, where many people aren’t quite sure how the entire process goes. This process, which happens between the time an offer from a seller is accepted and the buyer gets keys to the property, can be stressful for any home buyer. It only makes sense that a person would reach out to a company that focuses on assisting buyers through this overwhelming time. Important takeaways to know about escrow include:
- Escrow is the process that occurs between when a seller accepts the offer and the buyer receives keys.
- To begin, the buyer has to open an escrow account where funds are kept.
- The buyer will need to wait for bank appraisal, secured mortgage, buy insurance, have inspections performed, a final walk through, then close.
- How long the escrow process takes will depend on having proper documents, secure financing, and mortgage pre-approval.
After you open an escrow account and you and the seller signed an acceptable purchase agreement, an escrow agent will collect earnest funds. Your escrow company acts as a third party who is neutral in the purchase. They will collect funds and paperwork needed for the closing process, including the initial earnest money, signed deed, and loan documents.
The bank responsible for advancing the mortgage will perform its own appraisal, that the buyer usually pays for. This is to protect the bank’s own interests if the property ever gets foreclosed on. If the appraisal comes back at a price lower than the offered price, the lender won’t provide financing until the seller lowers the price to this amount or the buyer comes up with the difference.
It is not a requirement, but it is often in your best interest to have a home inspection done. A professional inspection can let you know if there are any costly or dangerous defects on the property. Keep in mind, you won’t be able to negotiate seller concessions if it says in the contract that you are purchasing the property “as is”. If there are hazards present, you will need to know about them so you can:
- Ask the seller to fix the issue
- Back out of the buy
- Request the seller lowers the price so you can perform repairs
If the inspection is satisfactory, you will have to remove the home inspection contingency in writing. This step will repeat if other inspections are done, such as the following:
- Environmental Inspection
- Pest Inspection
- Geologic Report
Work With a Top-Rated Settlement Company
There are a lot of things that go into the entire settlement process, so it is recommended that you obtain services from a trusted title and settlement company. Reach out to Capitol Title Group today to learn more about our services for Washington, D.C. escrow, so we can provide you the assistance you need for your urgent real estate matter.