Holding Escrow Funds
Metro Title can hold earnest money deposits and post-closing deposits that are placed in individual, segregated accounts at an FDIC-insured bank. To proceed, we need the following documents:
- A copy of the agreement between the parties (e.g., the purchase and sale agreement). The agreement should include a description of Metro Title’s role regarding the funds, which must be approved by Metro Title. Examples of the recommended language for this part of the agreement are included in the Resources section. Alternatively, the parties will need to sign a separate Escrow Agreement.
- A W-9 form completed by the party depositing the funds with Metro Title, if the funds are to be placed in an interest-bearing account.
Help with 1031 Like-Kind Exchanges
Metro Title can get you started on the path to a 1031 Like-Kind Exchange. The capable people at Investment Property Exchange Services will guide you through the process from beginning to end. Give us a call, and we can send you information on the basics of a 1031 Like-Kind Exchange.
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