ErikOk 10 Report post Posted January 9, 2012 Do any of you have an escrow account set up when doing a cooperative, or SLO to make sure the seller is making the mortgage payments? What is a typical cost for an escrow service, and what type of company would be the best to collect the money (bank, title company, attorney, etc.)? Is there some wording that you add to your contracts? ThanksErik Share this post Link to post Share on other sites
MichaelC 160 Report post Posted January 9, 2012 Erik, when assigning the deal as in a CA, I don't concern myself with setting up escrow. A sandwich lease is a different story and in the interest of protecting yourself you can either make the payments to the lender yourself, (if the homeowner is OK with this), or you can do the escrow thing to be sure your rent payment is going where it should rather than the local Indian casino.A title company or attorney can handle this for you. You can also do a search online for some sources.If you check your Lease with Option to Purchase Agreement, (the one we use for a sandwich lease), Page 3, Paragraph 18, references use of an escrow account. Share this post Link to post Share on other sites
<Steve> 82 Report post Posted January 9, 2012 I have a SLO and the seller set up an escrow that I send the monthly rent to. He set it up with ING Direct. Not sure the fee he pays. Share this post Link to post Share on other sites
