Legal Question in Real Estate Law in New York
Could I open an ESCROW account with the Title Company or Attorneys'???
Help! I would like to know if I can open an escrow account (to deposit the entire Real Estate purchase) at a law firm or Title Company?
Wife and I will be purchasing a small investment property all cash $25K. We would like to open an escrow account and deposit the money in cash for the purchase. No banking institution or mortagage will be involved so CASH still rules:-) How could I open the escrow account? And is there any cost?
R.G.
2 Answers from Attorneys
Re: Could I open an ESCROW account with the Title Company or Attorneys'???
It would need to be done through an attorney, a service we can certainly provide. There is also the option simply having the funds held in an attorney Escrow account that is monitored by the State. We are very experienced in handling these types of cases, however, we would need some more information before making a complete and proper determination. You are welcome to contact us for a free consultation.
Law Offices of
STEVEN J. CZIK, P.C.
101 Avenue of the Americas, 15th Floor
New York, New York 10013
212.413.4462
The information provided by The Law Offices of Steven J. Czik (LOSJC) is for general educational purposes only. There is no attorney-client relationship established by this communication and no privilege attaches to such communication. LOSJC is not taking and will not take any action on your behalf and will not be considered your attorney until both you and LOSJC have signed a written retainer agreement. There are strict deadlines, called statutes of limitation, within which claims or lawsuits must be filed. Therefore, if you desire the services of an attorney and decide not to retain LOSJC on terms acceptable to LOSJC, you are advised to immediately seek the services of another attorney.
Re: Could I open an ESCROW account with the Title Company or Attorneys'???
My office will be able to open an escrow account in your name with Chase Bank. We would need your full name, address and social security number. I would need ID and for you to sign a certification form.
Once the account is open, you may deposit the cash directly into the account. When you need the funds, you would contact my office, state the name, address and amount for the check, which would promptly be forwarded.
My fee is $100 for the escrow account, not including any costs associated with a bank check - if you need for the real estate transaction.
Mike.