An escrow account refers to an account held in the name of the borrower which is returnable to the borrower on the performance of certain conditions.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
The South Carolina Agreement for Direct Payment of Taxes, Assessments, and/or Insurance and Waiver of Escrow to be held by Lender is an important legal document that outlines the terms and conditions for the borrower to directly pay their property taxes, assessments, and/or insurance premiums instead of utilizing an escrow account. This agreement is commonly used in real estate transactions in South Carolina and ensures that the borrower takes on the responsibility of handling and making timely payments for these expenses. By waiving the requirement of an escrow account, the borrower has more control over their finances and can manage their tax and insurance obligations independently. Some relevant keywords associated with this Agreement include: 1. South Carolina Agreement: This refers to the legal document specific to the state of South Carolina, outlining the terms and conditions for direct payment of taxes, assessments, and/or insurance. 2. Direct Payment: This indicates that the borrower will directly pay the taxes, assessments, and/or insurance premiums instead of having the lender handle them through an escrow account. 3. Taxes: Refers to the property taxes that the borrower is required to pay to the relevant local taxing authority. 4. Assessments: Includes any additional fees or assessments imposed on the property by a homeowners association or other governing body. 5. Insurance: Refers to the property insurance coverage necessary to protect the property against damage or loss. 6. Waiver of Escrow: Indicates that the borrower is choosing not to establish and maintain an escrow account with the lender for the purpose of handling these expenses. Different types or variations of the South Carolina Agreement for Direct Payment of Taxes, Assessments, and/or Insurance and Waiver of Escrow may exist based on specific lender requirements or property circumstances. However, it is important to consult with a legal professional or review the specific agreement provided by the lender to understand the exact terms and conditions it entails. Disclaimer: This response is for informational purposes only and should not be considered legal advice. It is always recommended consulting with a qualified attorney for specific legal concerns regarding real estate transactions or agreements in South Carolina.
