When making an escrow payment, the check or money order should be made out to the escrow company or the designated escrow agent. The check or money order should be in United States dollars (USD) and drawn from a United States bank. It is important to include the transaction number with the payment to ensure proper identification and processing. Checks drawn on a credit card are generally not accepted for escrow payments. The payment should be sent via US/Air Mail or Express Mail to the address provided by the escrow company or agent. There is typically a processing time for checks and money orders, and they may not be approved until ten business days after the escrow company receives the payment.
Key Facts
- The check or money order for an escrow payment is usually made out to the escrow company or the designated escrow agent.
- The check or money order should be in United States dollars (USD) and drawn from a United States bank.
- It is important to include the transaction number with the payment to ensure proper identification and processing.
- Checks drawn on a credit card are generally not accepted for escrow payments.
- The payment should be sent via US/Air Mail or Express Mail to the address provided by the escrow company or agent.
- There is typically a processing time for checks and money orders, and they may not be approved until ten business days after the escrow company receives the payment.
Sources
- Who should the check or money order be made out to? – Escrow FAQ – Escrow.com
- Understanding the Escrow Process & Requirements
- How Escrow Protects Parties in Financial Transactions
FAQs
Who should the escrow check or money order be made out to?
The check or money order for an escrow payment should be made out to the escrow company or the designated escrow agent.
What currency should the check or money order be in?
The check or money order should be in United States dollars (USD).
What type of bank should the check or money order be drawn from?
The check or money order should be drawn from a United States bank.
What should be included with the payment to ensure proper identification and processing?
The transaction number should be included with the payment to ensure proper identification and processing.
Are checks drawn on a credit card generally accepted for escrow payments?
Checks drawn on a credit card are generally not accepted for escrow payments.
How should the payment be sent?
The payment should be sent via US/Air Mail or Express Mail to the address provided by the escrow company or agent.
How long does it typically take for checks and money orders to be processed?
There is typically a processing time for checks and money orders, and they may not be approved until ten business days after the escrow company receives the payment.