Agenda Packet_2022-12-06 - Laserfiche WebLink

Home Browse Search

Date; 11.17;2022 RE: Escrow No. 4437-LG Owners policy: In order for escrow to comply with new Closing Disclosure regulations, escrow holder is instructed to debit account of buyer for the owners policy of title insurance through this transaction. Escrow Holder is then instructed to credit the buyer and debit seller for the Owners policy of title insurance at the close of escrow. HOA: Seller shall deposit to Es€row, holder any fees required prior to order of documents for Honneowwner's Association. GENERAL PROVISIONS IMPORTANT - PLEASE READ CAREFULLY 1. Execution & Delivery of Escrow Instructions These instructions may be executed in counterparts and said counterparts together will constitute one and the same instrument. In the event that the parCes hereto utilize facsimile or electronically transmitted instructions to Escrow Holder, said parties hereby instruct Escrow Holder tc rely upon such instructions as if they were originals. Any amendments and supp ements to these instructions must be in writing and shall only be effective when executed and delivered to Escrow Haider. Escrow Holder steal not be concerned with nor have any obligations with respect to items designated as memoranda in these instructions or with any other agreement or contract between the parties to this escrow. 2. Deposit of Funds (i) All funds received n this escrow will be deposited with cthe escrow funds in one or more non -interest -bearing escrow accounts o= Escrow Holder in a financial institution sele:-ed by Escrow Hclder. Escrow Holder shall not be responsible and sha I have no I agility for any delay in, closing this escrow if the =unds deposited in this escrow are not available For immediate o thdrawal as a matter of right foliewing deposit in such financial institution. (ii) you have the opportunity to earn interest on the funds you deposi: with us to-cug-i a deposit account arrangement that Escrow Holder has established with one of its financial institutions. Tne merest rate for these accounts varies between financial inslitutionsr fluctuates periodically based on market ccnditions and other Facwrs, and may change prior to or during the time your funds are on deposit. You will not have an opportunity to earn interest on any funds deposited by a lender. (iii) If you elect to earn nterestthrough this special account arrangement, Escrow Holder will charge you an additional fee of s54.00 for the establishmerrt and maintenance of the account. This see compensates Escrow Holder for the costs associated with opening and managing the interest -bearing = :rs_nG preparing correspondence documentation, transferring fundsr maintaining appropriate records for auc : a e. -c l'a'tion purposes and Puling any required tax withholding statements, It is important that you consider t s :. _: your decision since the cost may exceed the interest you earn. if you are interested in having your f_r 3E: in an interest -bearing account, please contact your escrow officer. {iv} If you do not elect to have your funds deposited in an interest -bearing account, your funds (together with any funds deposited by a lender} will be held in Escrow Holders general escrow trust account.. The general escrow trust account is restricted and protected against claims by third 7ardes or credi€c-s o= Escrow Holder. Bcrow Holder and/or its parent company may receive certain direct and indirect financial bene'its From the financial institution as a result of maintaining the general escrow trust account. These benefits may include, without Iimitationr credits allowed by such financial institution on loans to Escrow Ho der and/or its parent company and earnings on investments made with the proceeds of sucn loans, as wel as accounting, reporting and other services and products of such financ al institution. Escrow Holder shall have nc co igation to accountto the parties tothisescrow in any manner for :he value ofr or to pay to any party, any benefit received by Escrow Holder and/or its parent company. Any such benefits shall be deemed additional compensation of Escrow Holder For its services in connection with this escrow. Some or all of these benefits may be deemed interest due you under California Insurance Code Section 12413.5. As indicated above, you may elect to have your funds placed in a separate. interest -bearing account and receive the benefits therefrom, but you will be required to pay Escrow Holder an additional fee for this service. Alternatively, you may leave your funds in the general escrow trust account and thereby authorize Escrow Ho der to keep the benefits it and/or its parent company receives from the financial institution. In either event, you understand and agree that Escrow Holder and/or its parent company may receive and retain for their sole benefit any and all benefits derived from the general escrow trust account prior to the deposit of your funds in an interest -bearing account and following -.he withdrawal of your funds from such interest - bearing account (normally two business days prior to the close of escrow). (v) All parties depositing funds in connection with this escrow are hereby notified that the funds so deposited are insured only to the limit provided by the Federal Deposit Insurance corporation, (vi) Funds deposited by a lender are ordinarily deposited to escrow one or two days prior to closing. You should be aware that your lender may begin charging interest on your loan from the date loan funds are deposited into Escrow Holder's escrow trust account. 3. Good Funds Law — California Insurance Code S12413.1 All parties are aware and understand that California Insurance Code §12413.1 mandates that funds deposited into an escrow must be collected and available for withdrawal PRIOR TO DISBUR,SEMENT. The determination of the availability of funds is set forth as `o lows: (i) GASH AND ELECTRONIC TRANSFERS ("wired funds"} are available for SAME DAY disbursement. (ii) CASHIER'S CHECKS AND CERTIFIED CHECKS are available For disbursement THE NEXT BUSINESS DAY; In order to avoid unnecessary delays of two to seven days, or more, please use wire transfers, cashier's chedcs or Initials SA@7' Buyer(s) Initials Page 3 City Council 16 — 15 12/6/2022