Are you buying a house? Then, you must have heard of an escrow arrangement. This means that a third party will hold your property temporarily until the purchase agreement conditions have been met. It is done to protect the buyer and the seller during the process of buying the house. The escrow account will hold funds for taxes as well as your homeowners insurance. We, a Traditional Abstract, can help you with an escrow service. We are one of the most established and experienced companies which have been in this business since 1991. We can provide you with a wide number of services, starting with an abstract title search, right insurance, escrow services to even residential and commercial property services. We are known for our highly professional approach along with our efficiency and dedication towards all our clients. So, if you are based in areas like Bethlehem, PA, Nazareth, PA, Easton, PA, Lehigh Valley, or Allentown, then you can opt for us.
Here, we have put together a few benefits of getting an Escrow Service. Take a look.
An escrow account can protect the deposit during the purchase of a house. For instance, if the sale is canceled due to some problem in the house found during the inspection, if you gave your deposit to the seller, there was a chance that the seller would not return the deposit after the deal has been canceled. But if the deposit is held by a third party as per the escrow arrangement, you will surely get back the amount according to the purchase agreement.
Escrow services are also beneficial for lenders. Lenders are interested in making sure that the property taxes and insurance are paid on time. If the taxes are not paid or the insurance coverage lapses, any damage caused to the house will be a loss of the lender and if the tax authority puts a lien on you, then the lender’s money will be at stake. If there is an escrow account, then the lender will be assured that the tax bills and insurance premiums will be paid.
So, if you are thinking of getting an escrow service, contact us today.