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escrow accounts: Sorry, the check from your bank is no longer good (enough). - 05/15/09 09:41 AM
Under a new Indiana law title companies will no longer be allowed to accept cashiers, corporate, or personal checks for their real estate closings after July 1, 2009. Mortgage lenders and many real estate buyers will need to wire transfer their funds to the title company or closing agent in most situations.
The law (House Bill 1374) requires that any party to a closing that must deposit more than $10,000 must wire transfer those funds into the closing agent's escrow account. Certified or cashier's checks or cash may accepted from any single party that needs to deposit less than $10,000. Corporate … (48 comments)

escrow accounts: How much FDIC Insurance does your Title Company’s escrow account get? More than you think! - 10/03/08 05:50 AM
A client asked me yesterday "How much FDIC Insurance does your escrow account get?" Wow! Is this a sign of the Apocalypse or what?
The quick answer to my client's question is that if the escrow account is set up and administered correctly, then the FDIC will treat each individual closing or escrow as a separate account. For example, if there are funds from 10 closings in my escrow account, each escrow receives the $100,000 maximum protection. It's like 10 accounts, not one.
To get the full benefit of FDIC insurance, the escrow account needs to be labeled as such in … (8 comments)

 

John Bethell

Bloomington, IN

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John Bethell Title Company, Inc.

Address: 329 South Walnut Street, Bloomington, IN, 47401

Office Phone: (812) 339-8434

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