Professional Voices: Advice From A Commercial Escrow Agent
Navigating commercial escrow can be a daunting process, which is why those looking to lease or purchase commercial property should partner with a professional. Our Team at Stance Commercial Real Estate prides ourselves in providing the best service possible, and establishing a network of like-minded people. Amy Hayes, a commercial escrow agent, has been one of our trusted partners for years. Not only has she assisted many of our clients who enter escrow, but she has also been a valuable resource for our Team.
Amy first launched her escrow career straight out of high school. After nearly a decade in the industry, dabbling in nursing school, and then moving out of state, Amy returned to commercial escrow services and has been in the industry ever since.
What A Commercial Escrow Agent Does
Escrow agents handle the specifics of escrow instructions, which can mean staying on top of dates, assuring those instructions are mutually understood and agreed upon, and preparing necessary documents.
“Typically I start my day with my calendar,” Hayes says. “In commercial business we have a lot of dates that are pertinent to the transaction like due diligence dates— dates where the buyer needs to add or release funds. Basically I calendar all of those dates, so that I know when all of those dates are expiring and I can send a courtesy notice to the client.”
Those dates play a huge role in keeping on top of the details of escrow instructions. Occasionally those instructions also need to be amended. Owners association demands, purchase agreement changes, and other external factors can affect escrow.
With proper management through commercial escrow services, there is less room for error and unwanted liability.
The Advantage of Hiring An Escrow Expert
“You need to have an escrow agent to handle your funds,” Amy says. “We are a disinterested third party to the transaction, so everything that we do in connection with those funds has to be mutually agreed upon between the buyer and the seller.”
Amy emphasizes that neutrality is crucial during the escrow process in order to remain fair for all parties involved. “There’s just so much that goes into a real estate transaction,” she says. Without a full team of experts, important details can become lost or imbalanced.
A commercial escrow agent will keep funds safe as the transaction between buyers and sellers is finalized.
What To Look For In An Escrow Agent
According to Amy, finding a commercial escrow agent starts with developing a professional relationship. “It’s hard to get a transaction closed if you don’t have that established,” she says.
Amy also notes that reliability is huge. “Know how your escrow agent works,” she says. “Know that the escrow agent will be there for you when it comes down to closing.”
Ultimately, on top of managing the escrow instructions attached to an agreement, an expert escrow agent will be a valuable resource during a commercial transaction.
As for further resources? Amy points out the benefit of utilizing your broker as a reference as well, “Joe is very knowledgeable in what he does...he’s a great representative for the buyer or seller.”
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Find your next commercial property opportunity here. Want to learn more about commercial transactions? Call Joe today at (909) 772-1212.
