As a title and escrow professional, you can probably recite the steps to a real estate closing in your sleep and want the transaction to go as smoothly as possible for all parties involved. Especially in tight housing markets, where every second counts for buyers and sellers, the timely handling of earnest money can act as a huge difference-maker in a real estate deal. SoftPro title and escrow customers safeguard the earnest money and have a fiduciary duty to ensure all funds are handled appropriately, safely and securely. Sound stressful? It isn't with the streamlined accounting features of SoftPro, where earnest money is effectively held and disbursed, and with new industry innovations, such as digital deposit platforms, where a buyer can easily transfer money without the need to handle cash.
The real estate industry is continuing to trend digital to align with consumer habits. As a result, many processes that used to be handled by paper are increasingly going online, including putting down and collecting the earnest money deposit for a real estate transaction. We've put together a free e-book that delves into the basics and definitions of earnest money and its importance in the sale of a property. We also cover the responsibilities of a title and escrow agent when it comes to securely handling the deposit, holding the funds until the close of the sale, and considering whether the source of earnest money is required by a lender. Lastly, we provide you with several examples of digital money deposit vendors/platforms that allow for earnest money to be submitted and accepted online.
Download our free e-book to learn:
- The basics of earnest money and the different terms it's called depending on your location
- The responsibilities of a title and escrow agent when it comes to earnest money deposits
- Four different online deposit platforms that allow for the digital transfer of deposit funds