What is needed to set up an escrow account?
Parties to the escrow need a properly executed agreement. On traditional escrows the agreement may be a contract for deed, trust indenture, mortgage, or buy/sell agreement. In addition, the parties will complete a drafted Escrow Agreement which shall document parties’ name and other important information, legal documents received, payment amount, frequency, interest rate, disbursement instructions and fees, terms and regulations of the agreement. Escrow and real estate transactions. Very often to finalize the sale of the real estate successfully a neutral, third party escrow agent is engaged to assure the transaction will close properly and on time. The escrow agent insures that all terms and conditions of the seller’s and buyer’s agreement are met prior to the sale being finalized, including receiving funds and documents, completing required forms and obtaining the release documents for any loans or liens that have been paid off with the transaction, assuring your clear title to your
