Lake County Bank offers Escrow services, a way of transferring or exchanging property or money using a neutral third party.
- 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 email@example.com