When it comes to escrow, many people in Burnsville, MN, have a variety of questions to gain a better understanding of the process. Fortunately, First Financial Title Agency of Minnesota can deepen their clients’ understanding of escrow, among many other insurance matters. As a premier escrow services company, this skilled team strives to answer their clients’ questions in a clear and concise manner, which is why so many trust in their prowess when it comes to real estate transactions.

Escrow Services FAQs

What Is Escrow?

Escrow entails enlisting a third party to hold and deliver an asset to a grantee after predetermined conditions have been met. Assets can include items such as money, property, bonds, or deeds. In essence, this third party, sometimes referred to as an escrow agent, is responsible for holding onto assets until instructions agreed upon by all involved parties are satisfied. At that time, the escrow agent is free to release the asset.

How Can I Prepare?

There are a few ways you can prepare for escrow. For instance, you may be subject to an additional employment/credit verification just before closing, so if at all possible refrain from changing employment or adding onto existing debt. Homeowners insurance is another important concern, and you should apply as soon as possible to ensure there are no holdups. Also, be sure you have current identification for notarization at closing.

What Can I Anticipate in Terms of Closing Costs?

In terms of closing costs, fees can vary quite a bit. While escrow costs are typically predicated on the overall value of escrow, other fees can also factor in. These can include money needed for notary service, title fees, and costs related to commissions.

What Are Some Common Issues?

You should also be aware of common issues when it comes to escrow. Your contract should include language regarding home inspection, with the codicil that any significant defects must be addressed before closing. Also, in some cases, the expected financing will fail to materialize, which will put the entire transaction in jeopardy. That’s why getting pre-approved is so crucial; that way you can rest assured that the money necessary to close on your dream home is accessible when you need it most. 

If you’re in search of a title insurance agent in Burnsville who goes above and beyond, Financial Title Agency of Minnesota is the obvious choice. Learn more about this skilled and talented escrow services team by visiting the website today. You can also call (952) 831-5010 to speak with a service representative directly.