Escrow FAQ Part 4 of 4

By
Title Insurance with Stewart Title of California

What is the fee for the escrow service?

The escrow fee is normally based on the size and complexity of the

transaction. Since there are so many types of escrows and every transaction is different, there are no set fees.

Usually the escrow fee is divided in accordance with the agreement of the parties.

The closing is complete...now what?

Upon closing, review the closing statement to determine that the costs

were allocated in accordance with your instructions. It normally takes a period of time after closing before the

hazard and title insurance policies can be delivered to you. Any recorded documents to which you are entitled

will be mailed to you after the escrow has closed. Frequently these documents will come to you directly from the

office of the recorder or the Secretary of State in the case of personal property filing.

If the transaction isn't completed, is my deposit refundable and who pays the fees?

When a transaction fails

to close, a cancellation agreement must be reached between the parties. This cancellation agreement must be put

in the form of a written instruction, just as your contract was. Since the deposit is part of the escrow contract, both

the buyer and the seller must mutually agree to its disposition. Instructions for the disposition of this deposit

should include, among other things, provisions for payment of charges incurred during the escrow. This would

include fees and costs incurred by the escrow holder and charges such as loan processing and title insurance fees

as specified in the escrow instructions.

Comments (0)