Comments on: No Escrow in Montreal http://montrealrealestateblog.com/no-escrow-in-montreal/ A daily dose of the local market. Mon, 30 Jan 2012 23:09:52 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Eric Paulin http://montrealrealestateblog.com/no-escrow-in-montreal/comment-page-1/#comment-4291 Eric Paulin Wed, 27 Jan 2010 17:17:30 +0000 http://montrealrealestateblog.com/?p=2704#comment-4291 "un compte en fidéicommis".... is the french term you would use to ask for an escrow account...but if your broker does not know what it is..this means he has never made the request or never gave notice that his company will use funds from buyers in escrow accounts...hence you can not give that client the option.... the only people who will ever ask for that is if they withdrew some money out of a higher interest account for it to be available for the purchase of a home... i.e: $50 000+ in cash - rarely do people ever ask for that as cash is now very accessible... "un compte en fidéicommis"…. is the french term you would use to ask for an escrow account…but if your broker does not know what it is..this means he has never made the request or never gave notice that his company will use funds from buyers in escrow accounts…hence you can not give that client the option…. the only people who will ever ask for that is if they withdrew some money out of a higher interest account for it to be available for the purchase of a home… i.e: $50 000+ in cash – rarely do people ever ask for that as cash is now very accessible…

]]> By: SeekOdin http://montrealrealestateblog.com/no-escrow-in-montreal/comment-page-1/#comment-4285 SeekOdin Fri, 22 Jan 2010 04:03:31 +0000 http://montrealrealestateblog.com/?p=2704#comment-4285 Well usually an escrow account is used when someone is purchasing real estate in cash (no load), and let's face it, we don't exactly live somewhere where that's very common, so I guess the concept of the escrow account has no need here. Well usually an escrow account is used when someone is purchasing real estate in cash (no load), and let's face it, we don't exactly live somewhere where that's very common, so I guess the concept of the escrow account has no need here.

]]> By: Deya Bautista http://montrealrealestateblog.com/no-escrow-in-montreal/comment-page-1/#comment-4283 Deya Bautista Thu, 21 Jan 2010 16:10:57 +0000 http://montrealrealestateblog.com/?p=2704#comment-4283 Don't have it in Ontario either? For some reason I thought you did. Perhaps I'm confusing it with Estoppel. Don't have it in Ontario either? For some reason I thought you did. Perhaps I'm confusing it with Estoppel.

]]> By: Deya Bautista http://montrealrealestateblog.com/no-escrow-in-montreal/comment-page-1/#comment-4282 Deya Bautista Thu, 21 Jan 2010 16:07:51 +0000 http://montrealrealestateblog.com/?p=2704#comment-4282 It seems that in the US, they have to pay escrow services PLUS a Real Estate Lawyer services. I'm actually glad we have the notaries here to do all that, at once. It seems that in the US, they have to pay escrow services PLUS a Real Estate Lawyer services. I'm actually glad we have the notaries here to do all that, at once.

]]> By: Deya Bautista http://montrealrealestateblog.com/no-escrow-in-montreal/comment-page-1/#comment-4281 Deya Bautista Thu, 21 Jan 2010 16:04:02 +0000 http://montrealrealestateblog.com/?p=2704#comment-4281 Thanks David. One of the people I asked about Escrow was my notary, and while he didn't know of it, as soon as I mention what the escrow did as part of their services, my notary agreed on some of them to be as the notary's services as well. Thanks David. One of the people I asked about Escrow was my notary, and while he didn't know of it, as soon as I mention what the escrow did as part of their services, my notary agreed on some of them to be as the notary's services as well.

]]> By: Neil Uttamsingh http://montrealrealestateblog.com/no-escrow-in-montreal/comment-page-1/#comment-4271 Neil Uttamsingh Tue, 19 Jan 2010 04:02:39 +0000 http://montrealrealestateblog.com/?p=2704#comment-4271 We do not use the terminology 'escrow' in Ontario either. Come to think of it, I don't think we use this term in Canada (all provinces and territories) at all. Regards, Neil. We do not use the terminology 'escrow' in Ontario either. Come to think of it, I don't think we use this term in Canada (all provinces and territories) at all.

Regards,
Neil.

]]> By: Eric http://montrealrealestateblog.com/no-escrow-in-montreal/comment-page-1/#comment-4269 Eric Mon, 18 Jan 2010 15:53:16 +0000 http://montrealrealestateblog.com/?p=2704#comment-4269 My understanding has always been that escrow, in the US, is held by the title company. Which would be the equivalent here to the notary. So it would be first the deposit when making an offer then after the transaction whatever needs to be held back for adjustments. My understanding has always been that escrow, in the US, is held by the title company. Which would be the equivalent here to the notary. So it would be first the deposit when making an offer then after the transaction whatever needs to be held back for adjustments.

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