What services do we provide as an Escrow Agent?
An escrow is a written agreement held by a third party and released only
when the terms of the Escrow Agreement are completed or by a mutual release
signed by all parties. Grand Island Abstract is available
to act as a third party for your escrow that can be comprised of documents,
money or a combination of both.
TYPES OF ESCROWS
Repairs / Completion
A repair or completion escrow is held for items not finished at time of
closing. Money is held until certain items are
completed. This could be used on a construction project or for
repairs on a buyer/seller transaction. A repair escrow is money
held for a specific item to be repaired or replaced.
This escrow is a document escrow, which could also include money for
documentary stamps and recording fees. Usually the document held
is a Warranty Deed that is not recorded until the terms of the Land Contract
are complete. As part of this escrow we would also receive a copy
of the contract to verify terms and conditions.
In case of the death of a titleholder where the estate has not been
completed and taxes have not been paid, money is held in escrow until the
time when taxes are determined. Money will be released to pay the
taxes or if the taxes are paid, the funds will be returned to the estate.
A 1031 exchange is a way to sell one or more properties in exchange for
another property and delaying capital gains on the
transaction. Grand Island Abstract serves as a qualified
intermediary in 1031 like-kind exchanges.
The taxpayer will assign the sales contract of the relinquished property to
Grand Island Abstract and deliver the net proceeds to our escrow department
at closing while conveying title directly to the purchases of the
The taxpayer has 45 days to identify the replacement property from the
transfer date of the relinquished property. The contract to
purchase is then executed and assigned to Grand Island
By the earlier of 180 days from the transfer date of the relinquished
property, or the due date of the taxpayer's tax return, closing of the
replacement property occurs, the seller conveys title directly to the
taxpayer and Grand Island Abstract pays out the net proceeds of the
Many banks, insurance companies, real estate brokers, land developers
and builders consistently close their real estate transactions through our
Escrow Department. Please call Grand Island Abstract for further
services offered by our Escrow Department and see Closings for more information.
Hal A Schager - Eileen F Harms
Member of Nebraska Land Title Association
Fax 308 382 7782
704 W 3rd Street | PO Box 627 | Telephone 308 382 4651
GRAND ISLAND, NEBRASKA 68802