What is needed to set up an escrow account?
Service: Escrow Services | Updated: August 5th, 2015
Parties to the escrow need an executed agreement. On traditional escrows the agreement may be a contract for deed, trust indenture, mortgage, or buy/sell agreement. In addition, the parties will complete a First Interstate Bank Escrow Agreement which documents buyer/seller name and tax information, legal documents received, payment amount and frequency, interest rate and method (360/365), disbursement instructions, fees, and rules and regulations of the agreement.