Importance of an Escrow Company
According to Time Money, an escrow account is essentially a holding account used during the purchase of real estate. Some transactions involve two escrow accounts, the second of which is utilized between the purchaser and a lending company, such as a bank. During real estate transactions, an escrow officer is tasked with managing all of the important documents and financial transactions that occur between the buyer and seller. A title or escrow company in Albuquerque is able to function as the escrow officer for these transactions and safeguard both parties. The Roles of Escrow Companies Buyers and sellers benefit from employing the aid of a licensed or controlled escrow company Albuquerque. Escrow officers protect buyers and sellers throughout the real estate transaction. According to Real Estate ABC and Investopedia, their roles may include: Following all instructions in a timely manner according to buyer, seller and lender needs. Managing documents for all parties