In the process of a real estate sale, escrow agents are third parties, either an individual or an entity such as Vision Escrow Group, who are hired to keep the funds for sale of the property in trust until the transaction is finalized. This is in case of any disagreements or disputes that may arise during the process of finalizing the sale of a property. But who is responsible for hiring an escrow agent?
The responsibility can lie with any party involved in the transaction. The buyer, seller or either real estate agent may choose an escrow agent during a real estate sale, but the escrow service provider that is selected must be agreed upon by all parties. In practice, the buyer or buyer’s real estate agent is often the one that first chooses the escrow company, but the seller may counter the selection with their own preferred company if they do not agree with the buyer’s choice.
Like all aspects of a real estate sale, the escrow agent selection process is a term of negotiation that must be agreed upon by all parties. If you are looking for a trusted escrow agent, contact Vision Escrow Group, Inc. today.