Escrow rates are based upon a requirement that the escrow is being closed in conjunction with title insurance issued or ordered with FAIRBANKS TITLE AGENCY.

Minimum Escrow Fee:  $178.00 for a transaction up to $28,000.

From $28,000 to $200,000 the Escrow fee is $178 plus $1.00 per thousand.

Escrow fees for transactions above $200,000 are available upon request.

Functions of the Escrow Agent

To open an escrow transaction, all of the parties of a transaction must have agreed upon its basic terms, in writing, before any services are performed by the Escrow Agent. The document most commonly used is sometimes called an Earnest Money Receipt and Purchase Agreement, also sometimes called a Real Estate Purchase and Sale Agreement, also sometimes called an Earnest Money Agreement.

Once the agreement has been signed, a copy will be delivered to the Escrow Agent. Since it contains all of the terms and conditions of the transaction, the Earnest Money Receipt and Purchase Agreement will tell the Escrow Agent what to do.

When the signed Earnest Money Receipt and Purchase Agreement is delivered to the Escrow Agent, the escrow is opened.

Next, the Escrow Agent will then order a Preliminary Title Report pursuant to the Earnest Money Receipt and Purchase Agreement.  The Escrow Agent will then clear the Preliminary Title Report, by ordering payoff or assumption statements and securing the release documents.  The Escrow Agent is now ready to close.

At this point, if there is new financing involved we will wait for the Lender to process the loan. When the loan is approved, the Lender will send loan documents to the Escrow Agent.

The Escrow Agent will then assist in the final closing documents and the Settlement Statement, which is a breakdown of the costs involved.

The parties will then be scheduled to sign the documents and deposit funds to close. When all funds are deposited, documents are signed and approved by the Lender, the Escrow Agent will send the Deed and/or Deed of Trust for recording.

Once the documents are recorded and the funds are disbursed, the Escrow is closed.