Everything You Need
Sunwest Escrow, Inc. is a customer-oriented servicer of private mortgages, real estate contracts, and other installment type notes. Sunwest Escrow, Inc. was formed by the owners of Sunwest Escrow, LC in order to provide a wider range of financial products. As Sunwest Escrow, Inc. we not only provide the same great escrow service our customers have come to depend on, but also we can act as a custodian for self-directed retirement plans such as IRAs, SEPs and Simples.
What Is Escrow?
Defined simply, an escrow is a deposit of funds, deeds, or other instrument(s) by one party for the delivery to another party upon completion of a particular condition or event. In some cases, escrow is short-term, such as the deposit of earnest money pending the closing of a real estate sale. In other cases, escrow is long-term, where an instrument—such as a deed—is held for an extended period while installment payments are made against the purchase of an asset. The escrow is not closed and documents released until all conditions of the escrow agreement are met.
Information on this web site is not intended to be a substitute for counsel. If you have questions of a legal nature, you should consult an attorney.
What We Do
Sunwest Escrow will hold funds, deeds, or other instruments, as well as collect and distribute installment payments.
Sunwest can service contracts such as these:
- Real estate contracts
- Personal loans
- Promissory notes
- Lease agreements
- Installment contracts
For a nominal service fee, Sunwest’s neutral third-party accounting ensures accuracy, reliability, and proper contract administration. Sunwest’s friendly and professional customer service representatives are available by phone to answer payor and recipient questions about payments, disbursements, payoffs, and other contract details.
Why use a real estate contract?
2. The credit history of the purchaser can keep him/her from buying with a conventional, FHA,or VA mortgage.
3. Little or no down payment may reduce the availability of a mortgage.
4. A contract can provide a monthly income for the seller. Further, the interest yield on the purchase price is likely to be higher if paid on a contract than if the purchase price was paid in full and the seller was forced to look to standard banking products for interest income.5. Usually a sale can be closed much more quickly with a contract than with a new mortgage.
6. A contract can be used to finance vacant land that could not otherwise be financed.
Sunwest Escrow will keep original deeds and documents secure.
Upon payoff in full by the purchaser, the warranty deed held in escrow will be released to the purchaser for recording. Should the purchaser fail to meet his/her obligations, the deeds can be returned to the seller, transferring the property back to the seller.
Sunwest Escrow will serve as “bookkeeper” for your transaction. We will:
- Monitor principal, interest, and account balance
- Report to the IRS on the purchaser’s behalf as to the amount of interest paid each year
- Provide interest statements to the purchaser
- Automatically withdraw payments from the purchaser’s bank account, if desired
- Make deposits into the seller’s account, if desired
- Ensure that proper credit is given for each payment
- Quickly furnish balance/payment information when needed
Using an escrow agent will also help to minimize the disputes that can arise between purchaser and seller. Acting as a neutral third party, Sunwest Escrow is ready to assist both parties. A variety of optional services are available.
Congratulations on your purchase! What an exciting milestone! Now that you’ve got the ball rolling we’re here to assist you in accomplishing your goal. The forms and services below are provided to make it just a little easier.
Congratulations on your sale! What an exciting milestone! Now that you’ve got the ball rolling we’re here to assist you in accomplishing your goal. The forms and services below are provided to make it just a little easier.
For Title Companies
Thank you for choosing Sunwest Escrow to service your clients contract. We know there are options in Albuquerque and we appreciate your business. We strive for quick, accurate assistance in closings, payoffs, and everything in between. We love Albuquerque and it’s citizens and reinvest in our community as often as possible. We’re happy to be working with you and your clients. The forms and services below are provided to make working with us just a little easier. If you have suggestions or comments for us please contact us.
For Document Request:
Steider & Associates Attorneys at Law
3240 D Juan Tabo NE
Albuquerque, NM 87111
Phone (505) 237-9880
Fax (505) 237-9860
Still Have Questions?
Don’t hesitate to reach out to us anytime
10600 Menaul Blvd NE, Albuquerque, New Mexico 87112
P.O. BOX 36371 ALBUQUERQUE, NM 87176