Metropolitan Title & Escrow

When you’re in the midst of a lengthy real estate transaction, you may wonder if there’s anything you can do to expedite the real estate process. Let’s talk about the nature of your transaction and whether there’s anything else we need from you to complete things.

One of the biggest advantages of escrow mortgage accounts is that they automatically budget the borrower’s tax and insurance responsibilities over the course of the year. This eliminates the need for homeowners to come up with several large lump sum payments throughout the year.

Did you know that real estate escrow can work between the buyer, seller, lender and borrow? Real estate escrow services are designed to handle the many unique and sometimes complicated situations that can arise during real estate sales and ownership transfers.

Real estate title companies often use the term due diligence. What does that mean? It describes the process of conducting a complete and thorough title search to ensure all relevant title facts are known before you purchase real estate.

Owning land isn’t very useful if you can’t actually get to it. That’s why one of the key things title insurance protects against is any loss that the buyer suffers because there’s no pedestrian access to and from the land.

Sometimes title searches reveal a lien against the property. A lien is a claim or hold placed on the property when a bill, loan or tax obligation has not been paid. If the claim is valid and the debt is paid, the lien is removed.

One of the main advantages of using an escrow service is that we’re a neutral third party in your real estate transaction. Regardless of who backs out of the deal, or why it falls apart, the original agreement concerning the funds in escrow will always be honored.

When hard times come, it may be difficult for a homeowner to meet an unexpected increase in monthly escrow payments. For these situations, states and lenders have different protocols in place to help their clients.

For new homebuyers, title insurance offers many benefits. It protects against loss if a covered defect is found in the title to your home, it offers you information on the status to the title to land, and protects against title claims that may affect the title after the purchase goes through.

Did you know that the Real Estate Settlement Procedures Act of 1974 (RESPA) governs all escrows? Lenders must manage their escrow accounts in compliance with this federal law.

You won't have to worry about late payments on your home insurance or property taxes (which can lead to late fees, tax liens, or cancellation of your insurance) if you have an escrow account set up. Because your mortgage company takes care of the payments, they'll also make sure that they arrive on time.

One way that a real estate escrow account can help to save money on the purchase of a property is that an escrow account ensures that all bills are paid on time including title and insurance payments, eliminating risks for late fees and delinquencies.

Escrow accounts have to be carefully managed to make sure they have the funds needed for taxes or insurance. Usually, this comes out to two monthly payments, but an escrow agent monitors the account to make sure the required amount is enough.