Escrow Services

Lake County Bank offers Escrow services, a way of transferring or exchanging property or money using a neutral third party.
Services include:

  • Receiving and distributing payments
  • IRS interest reporting
  • Year end statements
  • Safe keeping of original documents and titles to property such as deeds until conditions are fulfilled and items need to be released.
  • Monitoring of late charges and payment of property taxes and insurance, (optional).

Typical Fees for Escrows Include:

  • Opening Fee: $150.00
  • Collection Fees
    • Monthly payments: $10.00
    • Quarterly payments: $25.00
    • Semi-annual payments: $50.00
    • Annual payments: $100.00

Items Required to Set Up an Escrow Account:

Parties to the escrow need an executed agreement. The agreement may be a contract for deed, trust indenture, mortgage, or buy/sell agreement. In addition, the parties will complete a Lake County Bank Escrow Agreement that documents buyer/seller name and tax information, legal documents received, payment amount and frequency, interest rate and method (360/365), disbursement instructions, fees, and rules and regulations of the agreement.

If you have any questions regarding Escrow Accounts, please call our Escrow Department at (406) 745-3123, or email us at jmccollum@lakecountybank.com

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