Security isn’t the only thing you should be looking for in your escrow services company, attention to detail, speed and being treated like a human are equally important. We understand that and when you choose ATG Title as your partner, every step of the process is designed to reduce stress, speed up your closing and ensure you are happy. You’ll also have a dedicated and licensed professional that will explain things easily and clearly so you can relax and focus on your new home, not worrying about red tape and legal jargon.
What makes ATG’s escrow services unique for homebuyers and people looking to refinance isn’t just our paperless system that speeds up the process, it’s the attention to detail. From the moment you reach out, we learn about you, your transaction and your needs. It’s knowing that home buying is stressful and when you’re paying a company to do their job, they shouldn’t add more work or confusion to it, they should alleviate it so you can focus on the exciting parts like your first toast, gathering or just having some time to breathe.
If you want a quicker closing that is not only secure and eco-friendly, but treats you like a person, contact us today using the form on this page and discover why we’re the leading escrow services company in DC, MD and VA.
Frequently Asked Questions About Escrow Services
What Are Escrow Services?
This is the process of helping to solidify the final transaction when buying a home or refinancing. An independent third party works to secure the final financing and ensures that all contractual obligations have been met by both parties. Once complete, they release the funds, title and remaining assets to each of the parties.
Why Do We Need To Have Them?
The main reason is for protection on both sides of the home buying process. By having a trusted third party with no interest for either side, you can help to ensure that both parties are given an equal amount of protection, that both sides meet all of their obligations and that nobody plays favorites.
What is the Difference Between a Lender and a Title Company Escrow?
The big difference is how long the assets are held by the third party. The title company’s account is only held until the final release of funds when the real estate transaction is completed. A lender waits until the entire loan is paid off and then all of the assets which are being held are released to the proper parties.
Why Do I Need an Escrow Company?
It is for your protection. They act independently and are paid to ensure both parties meet all requirements, and that both your assets are safe. Without using one, you run multiple risks including assets being transferred without the other side meeting all of their obligations or a trigger-happy lawyer hoping you missed something they may have intentionally buried in.
A good one will also be able to answer all your questions and needs throughout the transaction and without confusing legal terminology. This in turn helps you to understand the process, what you are signing, and to build confidence so you know everything is done correctly and you are protected.
What are the Benefits?
There are two main benefits, convenience and security. By having a third party who specializes in title services and reviews all the details, you don’t have to try and figure out every single term, phrase and obligation. Security is the other benefit.
By having a third party watch both parties’ assets, and only release them once you’ve both fulfilled your obligations, you can rest assured that your funds and property are protected and not going to disappear.
What Does Being in Escrow Mean?
It means that both your assets and the other parties assets are being held by a third party and cannot be released until both parties agree that all obligations of the deal have been met.
How Does The Escrow Process Work?
The escrow process has four easy steps:
- Mail certified check or Wire your EMD to your preferred title company
- Wait for your lender to send you final figures/CD with your down payment
- Mail certified check or WIRE your down payment to your preferred title company
- Once file has closed, the file will be disbursed, including your HOA, Homeowner’s insurance, taxes, and any other fees associated with your property.
What Does the Agent Do?
Their job is to read through the agreements, verify that both parties have placed the proper assets into a safe holding place, and then release the funds once they can verify both sides have completed the requirements for release. Other jobs are to communicate missing pieces to both parties, answer any questions from each side and act as an intermediary to ensure a timely closing.
Can I Choose The Escrow Company or Provider?
Yes. The buyer chooses the Escrow Company and it is typically chosen based on a holder who is competent and experienced in the specific type of transaction. Before the internet, you used to have to rely on word of mouth. Now you can read reviews, see exactly what issues have occurred in the past and have a better understanding of what to expect with the ones you select. This can also help you save money.
Do I Have to Set it up Myself?
No, this is the responsibility of the title agent, attorney, or servicer. That is what you’ve paid them to do.
Is an Escrow Account Required by Law to Close?
No, but most lenders prefer that you have one because it protects the lender’s investment.
