Do I Really Need an Escrow Service?

Residential properties and commercial properties cost an arm and a leg that"s why it"s understandable that buyers often opt to skip getting an escrow account to avoid having to spend more money. While it"s true that an escrow can be a bit costly, it can actually save all parties involved in the transaction from property-related problems in the future. It"s also one way to protect parties from being ripped off.



How is this so? That question will be answered towards the end of the article. For now, let"s talk about:

What is an Escrow?

An escrow is a deposit of funds or a means by which one party secures the money intended to be given to the other party the moment an event, contract, or particular condition is completed. Think of it as giving your money to an authorized group of people who will secure it for you so you"ll have enough cash to settle the remaining items that need to be paid in the future.

Who Needs an Escrow?

People often think that an escrow is only for the buyer of the property, but that"s not the case. Whether you"re a borrower, lender, seller, or buyer of a property, you will need some sort of assurance that there will only be an exchange of properties, documents, and funds, if and only if ALL the instructions and conditions in the transaction are followed. The holder of the escrow is obliged to safeguard the money and the documents while they are in his or her possession. It is also their responsibility to ensure that all of the escrow provisions have been complied with before conveying the title of the property.

How Do Escrow Services Work?

The borrower, lender, seller, and buyer are the principals to the escrow. They write and agree upon instructions that will be stated in the escrow and will be turned over to the officer. Should a broker be involved in the process, he or she will be required to provide the escrow officer all the necessary details in preparing the escrow account, documents, and instructions. Once all the information and requirements are in, the escrow officer will start processing the escrow, in accordance with all of the instructions. When the conditions stated in the escrow are either achieved or met, the escrow will then be “closed”. It can be a little bit confusing since escrows follow a certain pattern. Similarities aside, there are parts where escrows differ from each other since it deals with different properties and transactions.

escrow-account-pigThe duties and responsibilities of an escrow holder include the following:

  • making sure that the instructions given by the parties and pricipals to the transaction are followed within the agreed timeframe

  • management of documents and funds in accordance with the instructions written in the escrow

  • ensure that all bills are paid

  • respond to the authorized requests from parties and principals to the transaction

  • ensure that the terms are met before closing the escrow

  • provide an accounting report for both Closing and Settlement Statement

How is the Escrow Holder Chosen?

Choosing the escrow holder is something that principals have to agree upon. If the property transaction involves a real estate broker, he or she may throw in recommendations regarding the escrow holder. One thing that needs to be noted is that the escrow holder has to be someone competent and experienced when it comes to handling escrows. Another thing that should be noted is that referral fees are prohibited by the law. This gives consumers the best escrow services at rates they can afford. If the person is asking for a referral fee, they should be reported to the authorities immediately.

A Few More Notes…

The first step in processing the requirements for escrow is looking for a reliable title company. It"s best if they are highly recommended by family and friends so you"re sure that they don"t have any negative record and that they"re not just after your money. You need a title company that has your best interests at heart so this step is very crucial. Once you find the title company that matches your taste, you can ask them to help you with the escrow processing.

When transferring properties, one of the important things that all involved parties need to ensure is that all requirements are met before the money is released to prevent disputes from happening in the future. Other crucial elements in the process are ensuring that the title is clear from claims or liens by other parties, which is something that can be secured with a title insurance processed by the title company.Professionals-shaking-hands

So, do you need an escrow? The answer is yes. In real estate transactions, the safest way to handle money is through an escrow and again, it is only released when all of the agreements are met. Remember, when buyers, sellers, and other parties come together to work on business agreements that involve real estate, it"s inevitable that contracts will be signed and funds will be exchanged. Self-serving perspectives are bound to surface at some point during the transaction an escrow is one way to make sure that no one will be shortchanged. This is also the reason why it"s best of the escrow holder is a disinterested third party so that there will be no bias, whatsoever.

Self-Defense Law: California Edition


Self-defense laws vary from state to state. Some of them can be really straightforward and some are a bit tricky even for the victim. For now, we"ll try to put more focus in California self-defense laws.

In California, self-defense laws state that you can"t be proven guilty of a violent crime to protect yourself, as long as your action was deemed reasonable under certain circumstances.

These reasonable circumstances may include:

  • If you were in imminent danger of being killed, injured or touched unlawfully.
  • If you needed to use force to prevent it from happening
  • If you used no more force than was necessary.

Self-defense can be a useful legal protection to a number of crimes that are described as “forcible and atrocious", such as:

  • Murder or manslaughter
  • Being attacked in a way that would cause heavy body injury
  • Rape
  • Mayhem
  • Robbery

To say it differently, you have the right to kill another person in self-defense if you"re trying to protect yourself against those crimes. But, you"re only limited to use non-deadly force to defend yourself in less extreme situations.

For more details, check out the video below:

The Importance Of Foreclosure Attorneys

Florida is a Lien Theory state by which the property in question is the guarantee for the loan. It is considered the lien on the property. Florida law requires that all foreclosures are under the supervision of the courts.

It will be the lender who will initiate the foreclosure by filing a foreclosure lawsuit with the Circuit Court.

This documentation is proof that public notice has been given in the execution of an outstanding mortgage. The deadline for Florida foreclosure depends on the programming of the court. In Florida, the process typically takes 180 to 200 days to foreclose unopposed.

The process can be stretched further if the borrower is opposed to foreclosure or declare bankruptcy. In Florida, there is Right of Redemption which allows the owner of a foreclosed home to reclaim their property if they can pay the full amount due to plus costs. There is a time limit to invoking redemption. There is also the provision of a deficiency judgment.

Defense Process Foreclosure In Jacksonville

In simple terms, foreclosure defense is your legal stand against your lender, trying to foreclose on your property. The aim of this defense is to stop foreclosure in its entirety. The fight against these mortgage giants and foreclosure machine may seem daunting, but do not lose hope, there are several ways you can use.

When these mortgages are packaged and sold, banks do not always follow the law. Sometimes they lose, misplace or never complete vital pieces of paperwork. Many have undue endorsements. In some cases, signatures are forged to expedite loans. The rushed transfer of mortgage caused many errors. This is an area that your foreclosure defense attorney can explore and use to delay or eliminate exclusion.

The law in Florida requires that foreclosures occur within the supervision of the Circuit Court. The burden of proving that they have the right to foreclose falls on your lender. This gives your foreclosure defense attorney in Jacksonville the right and the opportunity to carefully examine all aspects of your loan and circumstances. Also, allows your Jacksonville foreclosure attorney the right to question any of its employees about their loan and to examine their files.

Through the courts, you can stretch the process of foreclosure. These delays could give the time needed to develop a more feasible solution to your financial problem.

Foreclosure Attorneys In Jacksonville

Foreclosure lawyers play an important objective in the process of financial crisis. Law firms have many lawyers who help customers overcome debts with what they have been living. Foreclosure lawyers in Jacksonville will help you recover your finances and will assist in obtaining the bankruptcy evaluation form. Do not be afraid to declare bankruptcy because it is the best solution to improve your financial status. It is important to work from the start with trained lawyers in foreclosure cases because they know the laws of Florida and can lead to restoring your economy as quickly as possible. Successfully reducing debt and improving the persecution of creditors. Foreclosure can be a complicated legal process that requires some attention by lawyers who can help you determine which path to take that mostly fits your state. Many individuals seek help from bankruptcy organizers (non-lawyers) to complete the bankruptcy forms because they might be a little cheaper than law graduates but do not have the legal provision as a lawyer to represent them before the judge court.

Find out some of the legal basics entrepreneurs should know in this article.

Related Video:

Business Law : 5 Legal Basics Entrepreneurs Need to Know


You"re deeply excited about starting your own business and leaving your own mark in the industry you love. However, you may find yourself confused and overwhelmed about business laws that have a huge impact on your entrepreneurship.

Here are the 5 legal basics you need to be equipped with in the world of business:

Entity Choice
You need to determine the type of business you"re going to establish. There are different types of entities for you to choose from such as, LLC, corporation, sole proprietorship, non-profit and so on. Each entity has each their own benefits and consequences which you need to have a better understanding of.

highLegal Compliance
Being legally compliant depends on your specific industry. For example, some businesses are required to have a professional license to fully operate. In other cases, there are some cities that require certain permits to conduct business.

Intellectual Property
This has something to do with protecting a certain business name, logo or even a slogan that a business uses regularly to stand out from the rest.

Business Contracts
All business relationships should be governed by a written business contract. Without a business contract, there will be confusion between business parties especially in what to expect from each.

Legal Disputes
You need to make sure to prevent unwanted legal disputes. You need to protect your business and resolve any legal issues which can do harm to your business.

You might get into a lot of legal trouble if you don"t know what are the underlying laws revolving around your business. To know more details, check the informative video below:

The New Rule Of Overtime

Ever experienced working for long hours just to make ends meet? The long stressful hours take a toll on both your financial and personal life. The good news is, there"s a new overtime rule that could protect the welfare of workers.

Here"s more information about that new overtime rule:

Overtime regulations for white-collars are outdated. The current salary threshold is $23, 660 which is so low and it makes it hard for employers to distinguish who qualifies.

President Obama gave some instructions to the Department of Labor to update the rules such as increasing the minimum salary threshold to $47, 476. Because of this, millions of Americans will be entitled to overtime pay if they work extra hours.

For workers that are below the threshold, employers need to pay time and a half if they work overtime or raise the salary above the threshold.

Bye this new rule, workers can get extra options  about what they can do in their lives. This also gives them a perfect chance to get paid for their hard work.

What do you think about this new regulation? Post your thoughts on the comments section below.