Earnest money escrows are common in commercial real estate transactions. In this article, we are going to discuss how we handle earnest money escrows in commercial transactions.
Earnest Money Escrows
Earnest money is an up-front deposit of funds by the buyer of a property that acts as sort of gesture of good faith to the seller that the buyer intends to follow through with the deal. This gives the seller confidence that the deal is locked in so they can take the property off the market until it’s time to close. This earnest money is typically held in escrow with an unbiased third party (such as a title company) until the transaction is complete.
At Commercial Partners Title, we are a trusted escrow agent. When we receive an earnest money deposit, we hold those funds in a trust account until we receive written release and disbursement instructions from the parties involved.
There are many benefits of using Commercial Partners Title Company as your escrow agent. We will safeguard your earnest money funds and make them available as needed. We will also handle any issues that arise in a timely manner.
Get Help with Your Commercial Transaction Today
Throughout the course of a commercial real estate transaction, it’s important to have a skilled title company by your side that can walk you through the process and get everything ready for the closing table. Commercial Partners Title Company has over 200 years of combined experience among our team. We are recognized in Minnesota and across the United States as experts in commercial title transactions. If you are looking for a title company to help manager your commercial transaction, contact Commercial Partners Title Company today to learn more about our services and how we can help!