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What is Escrow?
In real estate, "escrow" is a secure holding area where essential items (e.g., the earnest money check and contracts) are kept safe by an escrow agent until the deal is closed and title to the home officially changes hands.
After a seller accepts the offer to buy the real estate, the escrow process begins. To keep things fair and impartial, a neutral party with no vested interest in the house — also known as an escrow agent — draws up the purchase agreement and coordinates the closing process. In a real estate transaction, the Buyer does not pay the Seller directly for the property, because the process goes through the escrow agent. This process protects all parties involved.
As part of the home-buying process, the earnest money deposit from the buyer helps demonstrate good faith in pursuing the transaction, signaling both the buyer’s financial wherewithal and his or her willingness to put some “skin in the game.”
Of course, while the earnest money deposit will ultimately become the seller’s property when the sale closes (or, in some circumstances, when the buyer backs out of the deal), the buyer and the buyer’s agent want to make sure that the deposit remains safe and secure until that time. But, the seller also wants to know that it can reach the deposit if and when the time comes. Using Clear Title’s escrow services is a way to satisfy both parties’ concerns regarding the buyer’s earnest money deposit while their transaction remains pending.
How is Clear Title Different?
At Clear Title, our comprehensive residential real estate and loan closing services include serving as escrow agent. This sets us apart from many other closing companies serving the greater Pensacola area. By serving as an escrow agent, we eliminate the need for another third party to get involved in the transaction - saving time, hassle, and money for all parties involved. Clear Title offers free escrow services for real estate transactions, even if we don't serve as the closing company.
If you are interested in learning more about Clear Title and our escrow services for your residential home purchase, contact us today!
Pace – Pace@ClearTitle.info (850) 994-3838
Pensacola – Pensacola@ClearTitle.info (850) 361-4029
Pine Forest – PineForest@ClearTitle.info (850) 202-8518
Clear Title is a real estate closing company founded and owned by a Board-Certified Real Estate Attorney with more than 30 years of experience in the Pensacola area real estate market. Many of its closers and other professional staff members have been handling real estate closings for more than 20 years, and as a result, Clear Title offers well over a century of closing experience. There are three offices in Escambia and Santa Rosa Counties: Pace, Pensacola, and Pine Forest. Clear Title was recently named Best Title Company in Pensacola 2019 by VIP Magazine Pensacola.
2107 W. Nine Mile Road Suite 3
Pensacola, FL 32534