How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
A new question is answered every 9 seconds
Ask a Legal question
Type Your Legal Question Here...
characters left:
14 Lawyers are Online Now

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 Legal question
Type Your Legal Question Here...
characters left:
14 Lawyers are Online Now

How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
< Last | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin Kernersville, NC
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther Woodstock, NY
  • Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know. Robin Elkton, Maryland
  • He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here. Diane Dallas, TX
 
 
 

Meet The Experts:

 
 
 
  • Ron

    ASE Certified Technician

    Satisfied Customers:

    21101
    23 years with Ford specializing in drivability and electrical and AC. Ford certs and ASE Certs
< Last | Next >
  • http://ww2.justanswer.com/uploads/FO/fordguy4u/2011-12-17_222940_HPIM1257.64x64.JPG Ron's Avatar

    Ron

    ASE Certified Technician

    Satisfied Customers:

    21101
    23 years with Ford specializing in drivability and electrical and AC. Ford certs and ASE Certs
  • http://ww2.justanswer.com/uploads/lyeung1/2010-07-25_032152_tn_IMG_0241.JPG Dr. Y.'s Avatar

    Dr. Y.

    Urologist

    Satisfied Customers:

    18361
    I am fellowship trained specializing in general urology and reconstructive urology.
  • http://ww2.justanswer.com/uploads/docjohn174/2008-12-13_170143_johnask.jpg John's Avatar

    John

    Home Appliance Technician

    Satisfied Customers:

    13453
    Appliance repair business owner for over 43 years.
  • http://ww2.justanswer.com/uploads/MU/multistatelaw/2011-11-27_173951_Tinaglamourshotworkglow102011.64x64.jpg Tina's Avatar

    Tina

    Lawyer

    Satisfied Customers:

    8469
    JD, BBA Over 25 years legal and business experience.
  • http://ww2.justanswer.com/uploads/dermdoc19/2010-09-30_160749_Photo_122807_015.JPG dermdoc19's Avatar

    dermdoc19

    Dermatologist

    Satisfied Customers:

    3821
    30 years practice in general and cosmetic dermatology
  • http://ww2.justanswer.com/uploads/BI/birddoctor/2012-6-22_173214_birddoctor.64x64.png Dr. Pat's Avatar

    Dr. Pat

    Bird Veterinarian

    Satisfied Customers:

    3383
    25+ years working primarily or exclusively with birds
  • http://ww2.justanswer.com/uploads/RY/rydergar/2012-6-6_192240_IMG0328.64x64.JPG Dr. Gary's Avatar

    Dr. Gary

    Cat Veterinarian

    Satisfied Customers:

    3289
    DVM, Emergency Veterinarian, BS (Physiology)
 
 
 

Recent Escrow Questions

  • TP Disabled Person w. HUD Voucher cant move or stay

    I'm a Totally Permanently Disabled Person with SSDI/SSI/HUD Housing Choice vouchered subsidy to find and rent accessible housing. I need 4 Reasonable Accommodations to live comfortably at home, with PCAssistants coming nearly daily or even a live-in would be better care, HUD said I can get a 3d bedroom IF I get a live-in.  My HCVoucher is "portable anywhere in the US" but really only IF a) they take HUD vouchers, fewer and fewer landlords do, and b) it is written by landlord to be "in good standing". I rented a year in a VT 2-bedroom because it was somewhat-accessible (wooden ramp made for manual wc and I have a long power wc), and a "no smoking no grills" lease for a year taking HUD vouchers. I snapped it up quickly, then started negotiating my Reasonable Accommodations (RA's) like I have about 4 times before successfully, two or 3 x unsuccessfully (it's how u word it tricky to not let them just deny your lease offer at the start.) I have no family and could not supplement my SSDI income (tiny) til 2014 DoEdu allows me to, I'll need Voc Rehab and AT to do work anywhere other than home. So my very Reasonable RA's were to extend the no smoking policy 25' out from my unit so as to include/protect the long wf-ramp, and to extend and smooth the concrete path to the parking lot (which gave me an inaccessible normal car parking spot, so I had to negotiate a wchair lift-van loading spot be marked somewhere at end of newly paved (shovellable) path to it and parking lot - which everyone could walk on, it is a 6 unit building in VT. Landlord promised all but gave NONE of my med essential RA's. Killed one of 2 service dogs and their Res. PM's harassed me all year while NOT stopping smoke, grills, harassment, dog feces/urine(they both have pet dogs "afraid of" my big essential mobility assistant.)


     


    We do have 'repair/deduct" and so I asked my Housing Authority to stop paying him full rent as of 12/1 when he was letting his three resident PM's smoke and grill constantly, and not moving them back 25' or more in the huge yard, they also vandalized my bird feeders and PCAssistants from being in the yard anywhere, and harassed and threatened my Service Dogs (2 on lease). One was then killed by they put poison out on the strip of yard attached to my unshelled ramp - the 3 smoker grillers were responsible for all snow removal from paths, but ignored my ramps except to throw or dump their dogs' excrement on and around them. In the spring thaw, the snow left piled on and blocking the ramp all winter flooded the poison and she got kidney failure. HA tho refused to use "repair/Deduct"…said I needed a lawyer and an escrow account - which Tenants assoc said no you don't need. He filed eviction for no cause effective 6/1 lease up, and has not paid back any of the receipted damages or costs of my trying unsuccessfully to repair the snow covered entrapment with smoke, mold, and poisons, all noted allergens on my med docs. Since HA pays 3/4 and I pay only 1/4, I cd not afford to buy enuf shovellers or equipment to stop the barriers or walk my service dog out or stop friend from falling on slippery ramp - if i did I wd die. Yet he just waited til eviction for no cause kept my voucher in "unportable" state - he wd rather evict and take it from me than cooperate w/ a TPD person's RA's. He fired the guy who rented to me and condones the RPM's harassing me, no reply to my many grievances. He owns multi properties all rentals, does not live in the building.  HA's s won't take a voucher out of gd standing, so that and financial damages mean I CAN't move yet, til we go to court?? He knew this and threatened it in early days. Is that slander of a formerly good voucher holder?? he wd not sign anything that said he wd release me from all liability and give deposit back - without that I could not leave early either. Now it's late - early July - what should I do, keep deducting the prior receipted thousands? My tiny share/month is not enough to worry him, perhaps just enuf to say I'm not paying (full) rent? HA keeps paying him w/o helping me survive at all the documented (lots of pix emails) attacks.  


     


    I have to answer in court now, she I let my answer reflect other counter claims v. local denials of health care (home/Community based services, and treatment of my failing health all denied by the community that I could never go see/get to know all year - is it powerful him?? Ive claimed retaliation (for asking for RA's) and Discrimination, she I include the prejudiced city/state fire chiefs and legal aid too? How do I fight this eviction correctly? And perhaps include last landlord before this one, had only 7 months because was not accepting HCVoucher after saying they would, and would give all RA's.  LL lied, either ignored or ruined HCVoucher?? It did port in ok. LTC workers came in and attacked, clear threats to leave - so I fled, w/ only 2 SD's and now regret losing everything-- cannot do that again.  need PCA help to move anywhere, AND a voucher in good standing?? Thought I was ready to try first time home buyers' help, but not if cannot rent elsewhere, and prevent jerks lk this from winning my all?? Thanks!!

  • Recently entered into rental contract on false pretense

    Recently entered into rental contract based on false information and now would consider the contract null and void--how to get the landlord (FL) to agree?


     


    Or, how to get out of this "false" contract?  I requested 3 times for landlord to accompany me to the property to show me my responsibilities for the water, gas, etc...before signing the contract. But all 3 times she refused.  Instead we were to come in the next day and talk to property manager.


     


    After moving in the property was dirty (after it was professionally cleaned by landlord), had to remove prior occupant's trash/debris, and we realized the back porch only had an entrance through a bedroom (no view to the back through living or family or kitchen)...then on moving day the alarm on premises went off and delayed my hired labor (not part of rental contract).  Landlord did not offer compensation or apology for any of the above.  Owner didn't either.


     


    We were never offered the opportunity to look at the property (i.e. final inspection) (but yes, we didn't insist based on landlord's statements, "we'll put sod in, have the place professionally cleaned...").


     


    I typed up all damages on initial condition of property report and requested damages be deducted from rent--they said no.


     


    Any recourse at all?

  • I am a seller and I received Escrow instruction from Escrow

    I am a seller and I received Escrow instruction from Escrow company where indicated that buyer has deposited with escrow, receipt of which hereby acknowledge an initial deposition the amount of $100,000. can they send this instruction to seller if they did not get money yet. Thank you
< Last | Next >