A buyer, seller, lender, and other parties can complete a real estate transaction safely and securely through a neutral third party, the escrow company. During this process, the escrow company follows written instructions, securing all documents and funds associated with the transaction until the contract terms are met.

Real estate contracts, Mortgages, Deeds of trust, Promissory notes, Residential or commercial rental agreements and Infrastructure agreements.

A real estate transaction involves monetary and legal responsibilities. Escrow allows all parties involved to conduct the transaction safely and securely with the knowledge that legal documents and funds will change hands only when the terms of the contract are met.

The escrow officer must follow escrow instructions as originally written. Modifications can only be approved by both parties. Escrow officers in New Mexico are forbidden from favoring any party in a real estate transaction. If there is disagreement between the buyer and seller, and the parties cannot reach resolution, the escrow officer will stop processing.

An escrow officer will prepare documents and specific instructions pertaining to the real estate transaction. The officer will order all the required assignment statements, needed payoffs, title searches, and homeowners’ association records. An escrow closing officer will deal documents as instructed in the written agreements. An experienced escrow officer will close the transaction promptly and efficiently.

The seller usually selects the escrow company, but both parties must agree on which firm to use as their closing company.

Escrow should be opened as soon as both parties come to an agreement in writing. An escrow officer should be chosen common to both parties. Closing fees and Purchase agreements should be delivered to the escrow closing agent.

The real estate agent will typically determine the estimated closing date. 30 or more days are usually necessary before the transaction can close.

Communication between all parties is of greatest importance. Buyers should get property insurance quickly to avoid delays. Copies of photo IDs for buyers and sellers should be ready to send to the escrow closing officer. If business entities are involved, have all the appropriate LLC, LLP, INC, etc. articles and operating agreements ready for the closing agent. Buyers or sellers who will be out of town should contact the escrow officer and loan officer or noteholder(s). All closing costs must clear before escrow can close.

American Escrow officers will work diligently to ensure your escrow closes on time. However, many factors can affect the closing date, including lender approval, loan funding, how closing costs are paid, title issues, and complications with the property appraisal.

Once all written instructions in the agreement have been completed, closing will occur. Once all fees have been paid and monetary funds have been exchanged, the property title will be transferred. Transferred title will be mailed after closing. If your account requires escrow servicing after your closing, original documents will be transferred to our servicing department for safe keeping and an account will be generated for future payments.

There are many fees and closing costs associated with a real estate transaction. In some cases, the seller pays for costs associated with ensuring the buyer has a clear title while the buyer pays for costs associated with financing. Escrow fees can be split equally or divided by the parties.

There is no fee to set up an escrow account.

Fees are directly based on the services provided. Most accounts fall in the $15-18 per month category for servicing. Each account is unique, so refer to the current fee schedule.

The party responsible for paying servicing fees should be clearly stated in the escrow documents. Fees can be paid in full by the seller, buyer, or split by both evenly.

American Escrow is located one block north of Menaul on the west side of San Mateo at 2717 San Mateo Blvd NE in Albuquerque.

American Escrow allows for several forms of account payment. The most popular option is automatic payments from your bank account, known as “ACH”. You provide the date you would like your payment withdrawn with a voided check from your financial institution and American Escrow takes care of the rest. Your account must be current for ACH payments. American Escrow also accepts personal checks, cashier’s checks, and money orders placed in the office payment drop box or sent through the mail. Please mail payments attention: Contract Collection Dept., 2717 San Mateo Blvd. NE, Albuquerque NM 87110.

When you set up your account for servicing with American Escrow, payment coupons are mailed to the address provided. The coupon provides a breakdown of how much is owed, on what dates, and where to send your monthly payment. You can also view your payment breakdown 24/7 by signing up for online access.

Your payment can change for a variety of reasons. Most commonly, adjustments are made to your tax and insurance reserve account. Each account is unique, so contact American Escrow to ask about the specifics.

American Escrow does not accept online payments, but you can sign up for automatic payments (known as “ACH”) from your bank account.

A year-end tax statement (1098) and a payment history will be mailed to you in January showing the prior year amounts paid and the starting balance as of January 1. You can also sign up for online access to view your account information 24/7 via our online portal.

It depends on the specifics of your account. If American Escrow collects taxes and insurance for your account, you will receive two escrow analyses per year. The first occurs when the insurance is due and the second occurs when the tax bill is due in December. If American Escrow is contracted to handle taxes and insurance on your account, it is your responsibility to bring in those bills before they become due.

Congratulations! American Escrow requires up to two business days to process the final figures on your account. If your account is a wrap, we need the underlying payoffs before your final payoff figure can be calculated. You can submit a payoff request in person, by phone, or in writing. Please have the date you would like your payoff calculated through. The payoff calculation can be phoned, emailed or faxed to you. All payoffs will need to be submitted via certified funds on or before the payoff good-through date. The first payoff request is free.

It takes up to five weeks to close out your account and return any original documents held in escrow.

Proceeds will be processed and mailed or electronically deposited to your account two working days after the payment is received by our office.

The date on the 10-day payoff letter is your final day of disbursement, however, funds may arrive sooner.