No request upon the Escrow Agent can be effective for any purpose
unless made in writing, signed by the party making the request, and
delivered to the Escrow Agent.
(b) Unless otherwise agreed in writing by all parties, and approved
by the Escrow Agent, the Escrow Agent will deduct fees from the contract
holder's funds. If the escrowed documents instruct
the Escrow Agent to split disbursement fees but the contract holder
does not receive monthly funds, the disbursement fee will be charged
(c) Unless otherwise agreed in writing by all
parties and approved by Escrow Agent, the Escrow Agent will compute
interest on the unpaid balance to the date payment is received by
the Escrow Agent (daily interest), and will commence interest as of
the document date.
(d) Escrow Agent assumes no liability for the legal effectiveness
of any escrowed documents and volunteers no opinion, nor makes any
opinion as to the condition of the title conveyed or received, or
rights of lienholders, or any other matter affecting the interest
of the parties in and to the subject matter of the escrow.
(e) All payoffs, balloon payments*, and annual payments MUST be certified
funds or a title company check.
If your contract contains provisions that call for changes in terms
such as interest rate changes, changes in payment amount, or intermittent
balloon payments during the life of the contract, the enforcement
of these provisions is the responsibility of the parties to the contract,
not that of Security Escrow Corporation. Security Escrow Corporation
must be notified of a change in any terms by letter or fax prior to
the date such change is to occur. Upon receipt of such notification
and after review of the contract, Security Escrow Corporation. will
change its records accordingly.
(g) If your contract requires Security Escrow Corporation to impound
a portion of your monthly payment for the payment of property taxes
and/or insurance, Security Escrow Corporation must have the annual
tax bill and/or insurance premium notice for these payments to be
made. It is the responsibility of the parties of the contract, buyer
and/or seller, to see that the tax notice and/or insurance premium
notices are delivered to Security Escrow Corporation, prior to their
due dates, to insure payment of these obligations. Failure to provide
these notices in a timely manner may result in penalties or policy
cancellation for which Security Escrow Corporation cannot be held
(h) Unpaid fees due to Security Escrow may be collected, at Security
Escrow's discretion, by invoicing party which owes the fees, by
with-holding from payments due to seller, by with-holding from Tax &
Insurance escrow accounts or by adding to closeout fees for owing party.
Security Escrow may restrict customer service and/or withhold release of
escrowed documents until unpaid fees have been paid in full. Unpaid fees
and invoices will accrue 2% interest per month.
(i) IRS regulations require Security Escrow to collect Tax Identification
Numbers (TINs) from payors on Real Estate Contracts, Mortgages and other
interest bearing instruments. Payor's failure to provide Security Escrow
with correct Name and TIN information will result in Security Escrow
charging Payor for each written request according to the current fee
schedule. Security Escrow may restrict customer service and/or withhold
release of escrowed documents until correct Name and TIN information
has been collected.
*Any payment exceeding the required monthly payment by $2,500 or more
For your safety, and ours, cash payments are not accepted in the office and
may be made at any branch of our bank with your payment coupon. Payments
will be credited as of the date paid at the bank.