Question Regarding Escrow Account Refund

[David Carlson]

On 1/6/2015 10:55 AM, Mark Phillips wrote:
> I sold a property that used an escrow account to accumulate money for
> county taxes and insurance payments. I received a refund from the bank for
> the escrow account, so I applied that refund to the balance in the escrow
> account. However, the escrow account now shows a negative balance of $600.
>
> Looking at the last escrow statement, I see a deposit was made in August
> for $600. However, I did not make a payment in August, as the property
> transfered at the end of that month, so all the August payments were made
> through the title company. I looked through the final statement from the
> title company, and the $600 must be included in one of the numerous fees
> and transactions they made.
>
> I don't want to unravel all the transactions, as I don't think anyone made
> a mistake. I would like to post an entry for $600 to the escrow account to
> zero it out, but I don't know where the money would come from.
>
> Thanks!
>
> Mark
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In my neck of the woods it would probably either end up as part of cash
to seller or be transferred to the buyer as payment for accrued taxes,
but it should also appear in some other line of the settlement
statement, as that should all balance out.  If you had an attorney with
you at the closing, he (or she) should be able to explain that to you. 
That is what you paid him (or her) for.

David C

David C