Grantor assigns all of his/her rights in a real estate purchase contract to a certain trust department. Grantor also directs the trust department to apply escrowed funds held under the exchange agreement to the purchase of property covered by the assigned contract.
Washington Assignment and Instruction to Apply Escrowed Funds
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In Washington state, the buyer and seller usually split this fee unless it's a VA transaction; in that case, the seller pays the entire amount. You pay the escrow fees at closing to the title company, escrow company, or attorney conducting the proceedings. The exact amount depends on the purchase price of the house.
It is the responsibility of the escrow officer (as the authorized representative of the escrow holder) to explain and to provide copies of the escrow instructions to the principals and to carry out what instructions may be required by the lender(s) when purchase money financing is a necessary part of the transaction.
Once the instructions have been signed by both parties to the escrow, neither party may unilaterally change those instructions. However, if both parties agree to change the instructions at any time, the instructions may be so altered.
Escrow is required in Washington state whenever buying and selling property. The title and escrow company ensures that a neutral third-party oversees and confirms the financial portion of the property transaction.
The escrow officer takes instructions based on the terms of your Purchase Agreement and the lender's requirements. The escrow officer can hold inspection reports and bills for work performed as required by the purchase agreement. Other elements of the escrow include hazard insurance, and the grand deed from the seller.
Who picks the escrow company in California? Usually the seller or the listing agent pick the escrow company. The escrow agent must be agreed upon by the principals of the transaction, the buyers and the sellers, but in practice the seller customarily dictates.
Washington State Escrow Companies, Agents, and Officers are regulated by the Division of Consumer Services . More about the Division of Consumer Services.
FHA loans require all borrowers to have an escrow account. It's also possible to use your escrow account for some expenses and not others. Sometimes lenders require escrow for property taxes but not homeowners insurance.
Washington state's escrow process is similar to other states where an escrow agent is used to complete the transaction. The escrow company will notify the seller's agent when the title has recorded, and the seller's agent will usually then deliver the keys to the buyer's agent or the buyer.
You must deposit any funds you receive for an escrow transaction or collection account into the escrow agent's trust account on the first banking day following receipt. This requirement does not apply to funds owned exclusively by the agent. (7) What do I need to do when I receive escrow funds?
