SUNWEST ESCROW POLICY -
ESCROW COMPANY IN ALBUQUERQUE, NM
Escrow Servicing Policy Statement
ESCROW SERVICING POLICY STATEMENT
The escrow instructions and these policy statements, including any amendments thereto, will constitute the sole and entire agreement between Sunwest Escrow, LC (hereinafter Sunwest) and the Parties thereto. We reserve the right to refuse any contract for escrow which does not meet our specific requirements.
***TAXES AND/OR INSURANCE AND/OR HOMEOWNERS ASSOCIATION DUES***
If your contract requires Sunwest to impound a portion of your monthly payment for the payment of property taxes and/or insurance and/or homeowners association dues, Sunwest must have the annual tax bill and/or insurance premium notice for these payments to be made. It is the responsibility of the parties to the contract, buyer and/or seller, to see that the tax notice and/or insurance premium notices are delivered to Sunwest, prior to their due dates, to insure payment of these obligations. Failure to provide these notices in a timely manner may result in penalties or policy cancellation for which Sunwest cannot be held responsible. It is the responsibility of the Parties to monitor the homeowners association payments and insure that Sunwest has current payment information at all times. Bills can be faxed, emailed or mailed to us.
ALL PAYOFFS, BALLOON PAYMENTS, AND ANY REGULARLY SCHEDULED PAYMENT $5,000.00 OR GREATER MUST BE MADE WITH CERTIFIED FUNDS FOR IMMEDIATE PROCESSING. IN THE EVENT A NON-CERTIFIED CHECK IS USED, SUNWEST WILL NOT DISBURSE UNTIL FUNDS ARE AVAILABLE THROUGH THE BANKING INSTITUTION FROM WHICH THE CHECK IS DRAWN, THIS MAY RESULT IN A HOLDING PERIOD BETWEEN 5 TO 10 WORKING DAYS BEFORE FUNDS ARE DISBURSED. SUNWEST RESEVES THE RIGHT TO REJECT ANY PAYMENT THAT DOES NOT MEET THIS REQUIREMENT.
ALL PAYMENTS WILL BE POSTED AS OF DATE OF RECEIPT BY SUNWEST. ALL PAYMENTS RECEIVED IN OUR OFFICE AFTER 2:00pm WILL BE POSTED THE NEXT BUSINESS DAY. ALL PAYMENT RECEIVED ON A NON-BUSINESS DAY OF SUNWEST WILL BE POSTED AND EFFECTIVE THE NEXT BUSINESS DAY.
Any amendment and/or change to the escrow instructions shall be made in writing, signed by all parties, and delivered to and accepted by Sunwest. No request upon Sunwest can be effective for any purpose unless made in writing, signed by all the parties to the contract, and delivered to Sunwest.
If your contract contains provisions that call for changes in terms such as interest rate changes, changes in payment amount, or intermittent balloon payments during the life of the contract, the enforcement of these provisions is the responsibility of the parties to the contract, not that of Sunwest. Sunwest must be notified of a change in any terms by letter or fax prior to the date such change is to occur. Upon receipt of such notification and after review of the contract, Sunwest will change its records accordingly.
Sunwest shall be entitled to collect fees in accordance with its fee schedule current as of the date the service is rendered.
We reserve the right to change this fee schedule from time to time after providing thirty (30) days written notice to all parties.
Unless otherwise agreed to in writing by all parties, and approved by Sunwest, Sunwest will deduct its fees from each disbursement made. Unless instructed differently, Sunwest will deduct the fees from the contract holder’s funds. In the event the contract holder does not receive funds, such fees will be the sole responsibility of the payor. A copy of the fee schedule will be available at the office of Sunwest and also on our website, www.sunwestescrow.com.
Unless otherwise agreed to in writing by all parties, and approved by Sunwest, Sunwest will compute interest on the unpaid balance to the date payment is received by Sunwest, and will commence interest as of the document date.
CLOSE OF ESCROW
“Close of Escrow” will mean the day Sunwest makes final disbursement of all funds entrusted to it by the parties, and/or release of the documents held by it in escrow.
Sunwest assumes no liability for the legal effectiveness of any escrowed documents and volunteers no opinion, nor makes any representation as to the condition of the title conveyed or received, rights of lienholders, or any other matter affecting the interest of the parties in and to the subject matter of escrow.
All disbursements are made in strict adherence to the specific instructions of the contract itself or from the specific written instructions of the recipients.
If any payment received by Sunwest, in the form of a check or draft, is dishonored for any reason by drawee, Sunwest shall have the right to give written notice to the parties of its intent to delay future disbursements to ensure clearance of the check or draft.
After giving notice to the parties of its intent to delay future disbursements Sunwest will not be liable for late payment penalties, interest, default, forfeiture, attorney’s fees, costs or any other loss or damage to the parties whatsoever resulting directly or indirectly from delay of disbursement in accordance with the notice. As a courtesy to the payor we will honor personal checks. However, if a check is dishonored we will charge the payor a fee in accordance with our fee schedule and will reserve the right to require the payor, at any time, to furnish us with certified funds for all subsequent payments until the end of the escrow period.
If any payment received by Sunwest, in the form of a check or draft, is dishonored for any reason by drawee and Sunwest cannot recover funds from the maker, the recipient will be required to reimburse agent for the amount of the dishonored check or draft less escrow fees and all future payments will be required to pay in certified funds only.
SUNWEST ESCROW LC
Sunwest will have the right to resign as by giving thirty (30) days notice to the parties of its intent to withdraw. The parties involved will thereupon jointly select a successor and give written notice to Sunwest of such selection. If the parties fail, for any reason, to jointly select a successor, Sunwest may select the successor.
Upon surrender of all documents and funds, after deducting its charges and expenses, by Sunwest to the successor, Sunwest will be relieved of all further liability and responsibility.
Sunwest is a fully licensed escrow company in the State of New Mexico offering Escrow services. Sunwest may, from time to time, invest available escrow funds in its settlement account for the purpose of earning interest on those funds. When making investment decisions, Sunwest will only invest in a New Mexico FDIC insured bank.
If you have any questions regarding our policies or procedures, please call our office at (505) 237-2225.
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