SERVICES SUNWEST ESCROW
SUNWEST ESCROW SERVICES -
ESCROW COMPANY IN ALBUQUERQUE, NM
Why do I need to use an escrow company?
Imagine being the buyer of a home on a real estate contract without using an escrow company in Albuquerque, where you have paid for 20 years. You’ve never missed a payment and you’re always on time. Until one day your seller passes away. His estate is passed to his children and on a large list of his assets is the property that you’ve been in the process of purchasing for years. But there’s a catch. The seller wasn’t keeping track of what you had paid him. He took the cash you sent him each month and bought things with it before his wife knew of the cash. It’s as if you hadn’t sent any payments. Ever! It’s your word against the deceased. Who can you turn to? How can you prove you’ve been paying? Is it possible to get the deed without starting over?
On the flip side, you’re the seller’s family of the situation above. You just want to liquidate all of your father’s assets to settle his estate and move on. But there’s a catch. Your father didn’t use an escrow company, he never kept records, and he always accepted cash. Where can you turn to clean up this mess? How will you ever settle his estate with so many loose ends? Do you really want to spend the rest of your life in court figuring it out?
Escrow is needed anytime there are 2 parties exchanging items of value (usually, real estate). A third party is needed to create trust, keep a transaction history, and hold documentation (like a deed) until the terms of the contract are fulfilled, or not. Without escrow, you open yourself up to possibilities of misinterpretation, confusion, neglect, or, even, fraud.
We Create Trust Between Strangers
An escrow company in Albuquerque provides trust between strangers. It provides checks and balances and ensures the terms are upheld.
We Provide a Third-Party Transaction History
In the scenario above a payment history from a third party would have made all the difference in the world. A complete 20-year transaction history and documentation for each payment would end any arguments quickly and the buyer could continue to make payments as usual.
FOR YOUR SECURITY, WE ARE NOW OFFERING MEDIATION.
We understand that there are complexities of transactions that often lead to disagreements. For our clients' security and our integrity, Sunwest Escrow will offer mediation services in the event that a client dispute needs formal resolution.
This service will allow a third party attorney to review the dispute and provide a neutral resolution. Mediation services can also be used for disputes between buyers and sellers, or any other combination of two groups that might have conflict within our arena.