Founded in 1985, Escrow Services, Inc. is an independent 3rd party servicer of lessor and seller financing instruments including leases and lease purchases (among many others). They collect the rent each month from tenant-buyers and pay all associated costs with the property. They do this preferably by ACH (electronic check) and the funds from the tenant-buyer are used to pay the mortgage for the seller plus taxes, insurance and any other associated monthly fees. This ensures that the seller's mortgage is paid and that they aren't using it for a new home or food or, well... ___________ (fill in the blank - LOL - our tenant-buyer assurance program is also known as our "deadbeat landlord protection program"...).

We offer their services because their have been cases where landlords/landlord-sellers would use funds elsewhere and then the tenant-buyer would find the property which they are renting-to-own in foreclosure and then they could possibly lose their purchase option premium and then, even worse, possibly be evicted. This peace of mind to the tenant-buyer is our tenant-buyer assurance program.

There are many benefits of our tenant-buyer assurance program. Below are just a few examples of these benefits for the Tenant-Buyer:

• Assurance that any underlying mortgage is paid, provided Tenant-Buyer makes required payments. This protects tenant-buyer's purchase option premium by direct payment to lender(s).
• Drafting of lease payments and direct deposit to landlord-seller's account ensures that the rent is received by the 1st of the month so there is no dispute on any rent credits for on-time payments.
• Independent 3rd party account payment histories aid in obtaining conventional financing by Tenant-Buyer to exercise their purchase option.
• Complete and accurate records of all payments
• ACH drafting and direct deposits of lease payments to lessors and/or lenders
• On-line account look up
• Tax and insurance escrows
• Disbursements for HOA dues, condo fees and/or other third parties
• Can be set up to pay and maintain renter's insurance.
• Providing of 1098 & 1099 forms where applicable
• Dealing with professional escrow company that has highest industry standards.
• Problem free servicing for all parties involved.

There are many other benefits to both the Tenant-Buyer as well. The items listed above are the most common ones.

RENT ESCROW FAQ's

Question: How much does the Tenant-Buyer Assurance Program cost ?

Answer: There is a $75 set-up fee plus a $15-20 monthly charge ($15 with no taxes/insurance escrow, $20 with taxes/insurance escrowing) that is included with the rent, sort of like a monthly purchase option premium but in this case, for the escrow service provided by Escrow Services, Inc. None of these fees are charged by us but instead solely by Escrow Services, Inc. for their services.

Question: I am enrolled in the Tenant-Buyer Assurance Program which automatically pays the rent on the 1st of the month so I can always get the on-time payment rent credit which has a due date of the 1st of the month. What happens if the 1st of the month is a Sunday, holiday or other non-business day ? Would I lose that month's on-time payment rent credit ?

Answer: No. In this case, the transaction could be processed on the following business day. Also, the lease purchase agreement could stipulate that in this case, the on-time payment rent credit would still be given as long as the rent is paid on the first business day of the month. Alternately, the rent escrow pull date could be rescheduled earlier (before the 1st of the month) so that there would never be any dispute on this issue. Its all about flexibility - a solution that works for both the tenant-buyer and seller.

Question: What happens if I do not have enough funds in my account to cover the rent on the designated rent escrow pull date ?

Answer: You would be charged an insufficient funds fee plus any late charge. Therefore, it is important to have the required funds in your account available the business day before the rent escrow pull date.

Question: Can I cancel the Tenant-Buyer Assurance Program ?

Answer: For infomation on how to cancel automatic payments, contact Escrow Services, Inc. by mail, phone or email: 450 N. Causeway Blvd., Suite B, Mandeville, LA 70448 (address), 1-800-654-7870 (toll free), (985) 626-3727 (phone), service@EscrowServ.com (email).

One last word about our Tenant-Buyer Assurance Program: We will make every effort to make the program available to you. However, since the program is not mandatory for the Tenant-Buyer and also requires the landlord-seller's consent, the Tenant-Buyer may opt to not use it or it may not be available due to lack of consent on the part of the landlord-seller. Therefore, DR Investment Properties shall not be held liable if seller defaults on the mortgage loan thereby causing it to go delinquent and subsequent foreclosure, etc. if the Tenant-Buyer Assurance Program is not used.

If you would like to enroll in our Tenant-Buyer Assurance Program or would like more information, don't hesitate to CONTACT US. We look forward to working with you !