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Escrow Account Questions

Escrow accounts are special accounts set aside for the sole purpose of holding money intended for the payment of an obligation. Escrow accounts are used largely in connection to mortgages to hold money within the accounts for taxes or insurance payments. This is done by adding the payments to the mortgage payments and these added funds are set into the escrow account and accumulate up to the time the taxes or insurance are due and are then paid directly by the lender. Escrow accounts can be used for many reasons and offer many benefits. If you would like to learn more about escrow accounts, take a look at the more commonly asked escrow questions below that have been answered by Experts.

I have money in an escrow account in a Wells Fargo Bank from a Land Sale. Why if the money was supposed to be released last month am I still waiting? My attorney isn't being helpful.

Generally, an attorney wouldn't be vague as to the issues with the escrow account. Without your attorneys input, there is really no way of knowing exactly what the hold is. You may want to keep after the attorney for the answers. Another thing you could do is contact Wells Fargo by letter with return receipt request. You may be able to find out what the issue is directly from Wells Fargo and you would have proof that you have contacted them. Other options would be to hire a new attorney to file a complaint or file suit, or you could report Wells Fargo to the appropriate banking authorities for not following the terms of the escrow agreement.

I need to open an escrow account to accept funding for the production of my film. What is the procedure for opening an escrow account?

Once you have set up your production company for the project, you should have a tax ID number for the corporation, then all you need to do is go to the bank and open two accounts, one you title general account the other you title escrow account. The escrow account is where all funds go in and then you transfer them to the general account as they are earned or needed for the payments you must make. There is no magic to this and the bank can set this up for you without any problems. Once the money is in escrow, to pay your bonds, insurance and payments to production, you invoice those amounts to escrow and then transfer the money over and make the payments.

If money is in an Escrow account with a lawyer and the money is to satisfy a Promissory Note can the lawyer be made to release it to his client rather than satisfy the Promissory Note?

An attorney will be unable to make any decisions about the money without the permission of the client. This means any distribution of the money (except for the attorney's contingency) cannot be completed without the specific accordance of the client. Regardless if the money is for a promissory note or the payout of a settlement. If the attorney attempts an action that doesn't include the permission of the client, he/she is facing a breach of ethics.

Is an escrow account at settlement ever established between the two sellers (divorced spouses)?

If you are asking if an escrow account is ever used to distribute money from a sale that occurred as a result of a divorce, then the answer is yes. Usually, when property is being sold and more than one person will receive the money from the sale, the use of an escrow account is used with specific instructions of how the money will be divided. The parties involved usually agree to the terms of the escrow account and sign before the closing of the escrow.

Does a mutual release have to be signed by both the buyer and seller to close an escrow account and have the funds released?

The way the escrow account works is; the person who is releasing the money to the other person on the account must provide the permission for the release of the funds. Furthermore, the escrow company must have the signature of the receiving party stating that they have received the money. So, to answer the question, technically, it requires both signatures in order to close the escrow account.

Escrow accounts and how they work may be confusing to people who have never used one. Many questions arise pertaining to escrow accounts and how they benefit the involved parties. If you have questions or concerns, you should ask an Expert to explain how escrow accounts work.

Ask a Lawyer

Tina
Tina, Lawyer
Category: General
Satisfied Customers: 8603
Experience:  JD, BBA Over 25 years legal and business experience.
4460311
Type Your Legal Question Here...
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Tina
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JD, BBA Over 25 years legal and business experience.
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