Get the free Initial escrow account statement required by section 10c1

FORM 3B.39 SETTLEMENT STATEMENT (HUD1) Comment: Effective April 1, 1991, the U.S. Department of Housing and Urban Development (HUD) published an Initial Escrow Account Statement, which is required

How to fill out initial escrow account statement

How to fill out initial escrow account statement:

1. Gather necessary information: Collect all pertinent details and documentation related to the escrow account, such as the account number, property address, and contact information for both the buyer and seller.
2. Enter account information: Start by inputting the account details at the top of the statement form. This typically includes the name of the account holder, the escrow company's name, and the account number.
3. List the property: Provide the specific details of the property on the statement, including the address and any additional identifying information.
4. Specify the account balance: Indicate the initial balance of the escrow account. This should reflect the amount that was deposited into the account during the transaction.
5. Detail incoming and outgoing funds: Break down any funds that were deposited or disbursed from the escrow account. This could include payments for property taxes, insurance premiums, or other expenses related to the property.
6. Calculate the net balance: Subtract the outgoing funds from the incoming funds to determine the remaining balance in the escrow account.

Who needs an initial escrow account statement:

1. Buyers: Those who have recently purchased a property with an escrow account will need an initial escrow account statement to track the funds deposited and disbursed during the transaction.
2. Sellers: Sellers who have agreed to utilize an escrow account for the transaction may also require an initial escrow account statement to understand the movement of funds during the sale.
3. Escrow companies: The escrow company responsible for managing the account will also need an initial escrow account statement to document and report on the funds held in the account.

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What is initial escrow account statement?

An initial escrow account statement is a document that provides a detailed breakdown of the funds held in an escrow account at the start of a real estate transaction.

Who is required to file initial escrow account statement?

The lender or servicer responsible for managing the escrow account is required to file the initial escrow account statement.

How to fill out initial escrow account statement?

To fill out the initial escrow account statement, the lender or servicer should include information such as the account balance, the breakdown of funds, and any applicable fees or charges.

What is the purpose of initial escrow account statement?

The purpose of the initial escrow account statement is to provide transparency and disclosure to the borrower regarding the funds held in the escrow account.

What information must be reported on initial escrow account statement?

The initial escrow account statement must report the account balance, the breakdown of funds (including taxes, insurance, and other applicable fees), any disbursements made, and any additional charges or fees.