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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.

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Recent Escrow Questions

  • I just closed escrow on a condo in WA state. am worried about how it was vested. It reads

    I just closed escrow on a condo in WA state. am worried about how it was vested. It reads My name and my wife ( name) as husband and wife. I would like to most advantageous vesting relative to one of us passing as we are still working on the living trust? Note: we are legally married residents in CA
  • Paul- This situation has gotten much worse. 1st, there are 3

    Paul- This situation has gotten much worse. 1st, there are 3 Malpractice Attorneys gnawing at the bit to go after my Attorney. However let me give you some more background. In August, plaintiffs removed the UCC items in complete disregard for the Security
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    agreement which after being modified, I then signed. Attorney for Plaintiff then sent an email to my fantastic Attorney saying that the plaintiff would be in the following Monday to sign but then all of a sudden, her Attorney went &quot;on vacation&quot;. My Attorney
    then tried (because of my insistence) to arrange other times that the agreement could be counter signed. In the meantime, my belongings were moved and I lost valuable assets. Now we progress to almost 1.5 months later to 09/22/2014 and all of a sudden my Mother
    signs the document that day. On 09/22/2014 &amp; 09/23/2014 I was in many meetings trying to wrap up loose ends before leaving on a cruise and on 09/24/2014 I had a court hearing as the complainant due to an assault (easily verified by my Atty if he had taken
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    me to cancel my paid for cruise and follow his instructions. I advised him several times in writing (only way I choose now to communicate) to release my signature on 10/06/2014 when I returned so we could settle this matter. His invoice now is at a padded
    amount of $10000 which I was advised not to pay. This morning he emailed saying he will not release the signature which would settle this matter until he received the $10000. It is important to point out that there is no LETTER OF ENGAGEMENT in his possession
    as he never asked for one. I want this matter settled but he is refusing to finish this out. Do I need an Atty to release my signature or can I send it direct to plaintiff's counsel? I agree to the settlement but absent plaintiff receiving this, court is scheduled
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    I need to send an email to my old attorney. I currently live in another state. I would like a copy of all the legal work he accomplished for me and anything I signed, discussed or anything that was noted by the attorney. Could you draw up a letter/template
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