What do you need to do before selling your property and hiring an Escrow Company?
The performance of an Escrow Company can only be as good as your note! Since the Escrow Company is bound to the terms of the note, the Seller should seriously consider hiring legal real estate professionals before the sale to limit risk, maximize investment return, and to provide the legal basis for the Escrow Company to fully manage the note by including specific provisions.
Here are some sample questions for your Attorney when selling your property on an installment note:
Should I consider a late payment
charge and how much can be charged?
If the Buyer does not pay the Mortgage Company, am I liable?
Should I allow assignment of the note without my permission?
Do I accelerate the note if the Buyer stops making payments?
Should I consider collecting the taxes and insurance monthly?
What are the Internal Revenue Service requirements?
Is the interest on the note computed?
If I have an Escrow Company service my note, can I have the Buyer pay the costs?
What if I already have a note?
Of course notes without specific escrow provisions can still be enhanced through
escrow services, but the Escrow Company maybe limited in their note servicing
options for the Seller.
Get the answers to your questions
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