What is the fee for the escrow service?
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?
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?
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.