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What Exactly Is Escrow?

“Escrow” refers to a method in which big payments for things like houses, deeds, and other securities are processed.

Essentially, being ‘in escrow’ means that a payment is temporarily held by a safe third party until it has been determined that the seller has fulfilled their end of the bargain. It is a simple way to keep large scale transactions safe and ensure that neither party loses money if the deal doesn’t work out.

This guide to the basics of escrow will tell you a little more and help you get to grips with what it might mean for you.

The Classic Example

So, the best example of being in escrow is if you were to buy a house. You wouldn’t pay the sum directly to the seller (or at least, they wouldn’t receive it right away). It would be paid into a secure escrow holding account until all of the paperwork and supplementary fees have been paid on both sides of the arrangement.

When the process is fully complete, the escrow agent (manager of the account) releases the sum to the seller and the deal is closed. In some countries, they use a similar rule to protect rental deposits. A deposit is paid at the beginning of the rental term, but it doesn’t go directly to the landlord. Instead, it sits in a holding account, until the lease is expired or terminated.

This ensures that the landlord can’t spend the deposit and then refuse to return it when the tenant wants to leave. It is similar to escrow but on a smaller scale. The service itself has to be provided by a company that is not affiliated with either yourself or the seller. Otherwise, the whole point of escrow would be moot.

The third party can’t have any stake in who the money is eventually released to.

Deciding to Waive Escrow

It is also possible to waive escrow if it doesn’t suit your situation or you want to speed up a sale. This is the most common reason why people reject it; they’re buying a house and they want to move in as quickly as possible. There are fees required to do this, however, so it isn’t usually the best option.

It is also important to understand that escrow is a secure method of transaction. It is designed to protect the interests of both parties, but particularly the buyer. It isn’t every day that a person hands over the huge sum of money needed to purchase a property and it shouldn’t be done as casually as you might buy a new suit.

Escrow is a robust and secure form of financial protection. It ensures that you never do your bit and pay your fees, only to receive less than what you were promised. It does mean that transactions take a little longer to be processed, but the extra security is worth the wait. Use reputable and professional corporate advisors to help you along the process

Always take the correct professional advice before undertaking any legal agreement

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What to look for in an Alarm Monitoring Company

Alarm system have a built in dialer that uses your phone line (or VOIP) to communicate with the Central Station. The Central Station (central station) receives the data from your alarm panel and brings the information up to a live operator. She can see the nature of the alarm (burglary, fire, panic, duress…) and the location of the problem (front door, basement motion detector, attic smoke detector…). The Central Station operator can then dispatch police, fire or medical departments to the account.

Alarm monitoring companies do the job of monitoring your security systems for you to provide total protection when you sleep or when you are away. Although there are security systems that stand alone without the need for constant monitoring, monitored systems provide more security and more assurance that the proper authorities reach you in time in case emergencies and other threats occur. Monitoring companies provide just that service, allowing homeowners to sleep better at night knowing that someone is looking after them and their property as they sleep. However, not all alarm monitoring companies are the same. Here are some tips on how to choose the best Fire Watch Guards.

Security company must be listed with the BBB
Although most security companies are legitimate, doing a background check with the BBB can help you narrow your choices down. You can also check customer reviews to see which companies are rated high by customers according to services, response times, and customer support. A BBB check will also help you find out if the company has any complaints lodged against it.

Ask about response times
This is one thing every homeowner should ask the alarm monitoring company. Response time is the time that runs between the call placed by the monitoring company and the time police and other personnel arrive. How efficiently a security company processes alarm signals from its clients plays a huge part in how long the response time is.

Ask about add-on services
Ask about the services that the company is throwing in for free. Most companies offer freebies such as free carbon monoxide and fire detection services for a year. Working with a company that offers a wide range of services is also a good idea. For example, AlarmRelay offers cellular and internet monitoring on top of regular services such as monitored opening and closing and email notifications.

These are just a few things to consider when choosing an alarm monitoring company. Do your research, know what services you need, and what questions to ask. Alarm monitoring is a very affordable service but it increases the protection around your family and property by 100%. Make sure to choose the best alarm monitoring company that can give you and your family the safety you deserve.