Do you have a financial transaction coming up that is significantly bigger than normal for you? Maybe you are selling something quite valuable or there is some kind of commercial or intellectual property changing hands. If you want to make sure you cover all your bases, one thing that both you and the other party should look into would be using the services of an escrow notary. Here's what this type of notary does and why it's a good idea for all involved.
A Neutral Third Party
An escrow notary acts as a neutral go-between for a buyer and seller during a transaction. They ensure that all terms of the transaction are met before the money exchanges hands. So, in other words, the buyer does not give the money directly to the seller, it goes into escrow first. The escrow notary then releases the money to the seller after all terms of the transaction are met.
Peace of Mind for Buyer and Seller
Having a neutral third party involved in the transaction from the beginning can help ensure peace of mind for all parties involved. The person putting up the funds knows that the funds won't be released until the seller meets all of the terms that were agreed to. The seller knows the notary will ensure that 100 percent of the agreed-upon funds are there before handing over whatever it is they are selling.
Comply With All Laws
Some financial transactions may need to stay in compliance with federal or state regulations or laws. An escrow notary is fully trained and experienced in dealing with these regulations in your state. They can ensure that all parties do everything by the book in order to stay in compliance with the law to get the transaction to go through.
If at any part of the transaction one party does something unexpected or suddenly has a problem or concern, the notary can act as a go-between and attempt to mediate or negotiate through the conflict until both sides are again in agreement on the terms and able to proceed.
Assistance With Paperwork
Some financial transactions might require a lot of paperwork or documentation. This could include the contract or agreement between the parties and then the paperwork that is needed for the actual transfer of the funds from one financial institution to another. Your hired notary will help both sides with this process to save time and avoid mistakes.
For more information, reach out to an escrow notary service near you.