Thursday, July 24, 2008
query: must escrow accounts of title companies be interest bearing in PA
The answer is no. If you have funds that will be held after closing, you can request that it be placed in a separate interest bearing account. Keep in mind that this is extra work for the title agent and there may be a service charge. Any escrow set-up in PA does carry a mandatory $25 escrow set-up fee - even non-interest bearing escrow.
query: must escrow accounts of title companies be interest bearing in PA
The answer is no. If you have funds that will be held after closing, you can request that it be placed in a separate interest bearing account. Keep in mind that this is extra work for the title agent and there may be a service charge. Any escrow set-up in PA does carry a mandatory $25 escrow set-up fee - even non-interest bearing escrow.
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