What are the fees associated with an escrow account?
There is an opening fee, payment servicing fee and closing fee for each account. Opening Fee – The opening fee is based on the contract balance of the escrow. The current fee is $100 for the first $50,000 and $1.50 for each additional $1,000. This fee is paid when the escrow is opened. Payment Fees – The buyer will usually pay a monthly, quarterly, semi-annual or annual payment fee as determined by the terms of the agreement. The fee is based on the amount of the payment. There is a minimum monthly fee of $7 for the first $500 of the payment and $1.50 per hundred after that up to a maximum of $20. Quarterly fee is $25, semi-annual fee is $50 and annual or one time only payment is $80. Closing Fee – The closing fee is $1 per $1,000 outstanding balance or a minimum of $50. Other Fees – See Escrow Services and Fees brochure for a list of other fees that may apply.
