An escrow account refers to an account held in the name of the borrower which is returnable to the borrower on the performance of certain conditions.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
The Oregon Agreement for Direct Payment of Taxes, Assessments, and/or Insurance and Waiver of Escrow to be held by Lender is a legal document that outlines the terms and conditions for the borrower's responsibility to make direct payments for taxes, assessments, and insurance premiums instead of utilizing an escrow account. This agreement is commonly used in real estate transactions in Oregon and ensures that the lender's interests are protected while providing flexibility for the borrower. Keywords: Oregon, agreement, direct payment, taxes, assessments, insurance, escrow, lender, legal document, real estate transactions, flexibility, borrower, premiums, responsibility, terms and conditions There are different types of Oregon Agreement for Direct Payment of Taxes, Assessments, and/or Insurance and Waiver of Escrow to be held by Lender which may include: 1. Oregon Agreement for Direct Payment of Taxes: This type of agreement focuses specifically on the borrower's responsibility to make direct payments for property taxes, ensuring that they are paid on time and to the appropriate tax authorities. 2. Oregon Agreement for Direct Payment of Assessments: This agreement pertains to the borrower's obligation to directly pay any assessments imposed on the property, such as special assessments for infrastructure improvements or homeowner association fees. 3. Oregon Agreement for Direct Payment of Insurance: This type of agreement highlights the borrower's obligation to directly pay insurance premiums, such as homeowner's insurance or flood insurance, rather than relying on an escrow account to handle these payments. 4. Oregon Agreement for Waiver of Escrow: This agreement addresses the borrower's decision to waive the use of an escrow account for the payment of taxes, assessments, and insurance premiums. It outlines the borrower's responsibility to make timely and accurate payments directly to the respective entities. It is important to note that the specific terms and conditions included in these agreements can vary, depending on the lender's requirements, borrower's preferences, and the nature of the property. These agreements should be carefully reviewed and understood by both parties before entering into any real estate transaction.
