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General:
- An Escrow is an arrangement where a third party holds funds and legal documents on behalf of the Buyer and Seller and disburse these documents and funds in accordance with the Escrow Agreement.
- The Seller and the Buyer must both agree with the terms and conditions of the escrow agreement; therefore, the interests of both parties are safeguarded.
- The Escrow Agent must comply with the instructions of the Buyer and Seller as stated in the agreement.
- The Escrow Agent guides the transfer of ownership process and acts in an unbiased manner.
- Escrow Services will only be performed if our company does the title search and transfers the title.
Requirements: (See Application Form)
- Full name and address of the Seller
- Full name and address of the Buyer
- Purchase Price
- Payment Plan (e.g. down payment, other deposits & final payment)
- List of Additional Payments to be made from escrow (e.g. Property Tax, Stamp Duty, Filing Fees, Attorney Fees) (Cost Sheet Attached).
- Lawful Description of Property
- Copy of conveyance/certificate of title, etc.
- Copy of Purchase Agreement or any other agreement
- Special Clauses or Additional Information
- Wire Instructions or payment method
Fees:
| Preparation of Escrow Agreement |
US |
$ 250.00 |
| Administrative Fees |
US |
$ 25.00 |
| General Sales Tax (10%) |
US |
$ 27.50 |
Total |
US |
$ 302.50 |
| Escrow Services |
US |
$ 500.00 (For properties that cost US $100,000. or less) |
| Escrow Services |
US |
$1,000.00 (For properties that cost between US $100,001. and US $200,000) |
| Escrow Services |
US |
$2,000.00 (For properties that cost between US $200,001.and US $500,000) |
| Escrow Services |
½% of the value (For properties that cost more than US $500,001.) |
| Complete follow up of transactions |
US |
$ 500.00 (Optional) |
Plus general sales tax, administrative fees and filing fees.
Any additional time other than incidentals above and change of standard agreement will be charged at US $75.00 per hour plus administrative fee and general sales tax of 10%.
Optional Services and Fees:
| Title Search for Declared Land |
US $200.00 |
| Title Search for Undeclared Land |
US $350.00 |
| Charge |
US $150.00 |
| Discharge of Charge |
US $150.00 |
| Mortgage |
US $500.00 |
| Cancellation of Mortgage |
US $250.00 |
| Transfer of Title for Declared Land |
US $250.00 |
| Transfer of Title for Undeclared Land |
US $500.00 |
| Strata Title for Condominiums |
US $ 500.00 per unit |
| Review of contract for recommendations |
US $ 500.00 minimum or ½% (whichever is greater) |
Plus general sales tax, administrative fees and filing fees.
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