Escrow Services

An escrow account is usually established when two or more parties engage in a transaction, usually real estate, and the seller carries the loan. A lawyer will need to draw up the paperwork which may include a Promissory Note, Warranty Deed, Quit Claim Deed, Deed of Trust, Contract to Buy/Sell Real Estate and amortization schedule.

Features

• Hold documents relating to the transaction for a specified period of time
• $125 set up fee
• Collect, disburse and track payments
• Monthly payments: $6/month and $6/transaction in excess of one/month
• Quarterly payments: $15/quarter and $15/transaction in excess of one/quarter
• Semi-annual payments: $20 every six months and $20/transaction in excess of one every six months
• Annual payments: $40/year and $40/transaction in excess of one/year
• Withhold from each payment and pay taxes and/or insurance when due
• $6/check
• Report interest to the IRS and provide 1099 and 1098 statements
• $10/year/statement

To establish an escrow, stop by or call any location.
*There are documentation requirements that must be met to open an account.