Trust Account Services

Contract Service

We service all types of contracts, including real estate loans, personal loans, car loans, business loans, leases and rentals. Parlay Law sends out monthly statements, to both parties, which shows a current update of all balances. The payor can make payments at our office, online, or with our automatic payment option. Payments to the beneficiary can be sent via paper check or direct deposited into a bank account.

Parlay Law automatically sends out a late notice and assesses a late fee if an account becomes delinquent. We will collect monthly reserves for property tax and insurance if needed as part of our basic service. Escrow Specialists will file the required year-end IRS reporting information and send out proper documentation to the payor and payee.

"Escrow" Service

"Escrow" is a specific term that relates to non-lawyer accounts used to provide individuals similar protection as that provided with a lawyer trust account. We don't have "escrow" accounts because in the law it is called a trust account. The two accounts, trust or escrow, provide similar services and protections for clients and parties who need help with third party financial services.

Parlay Law will act as a depository between contractors, municipalities or other parties requiring an impartial third party to ensure completion of contract terms before funds are paid, and documents are released or transferred.

Escrow Instructions that have been agreed to by all parties are needed to establish an escrow account. Once all terms and conditions of the written instructions have been met, and all terms and conditions are satisfied, the escrow is closed and the transfer of property and/or money is fulfilled.

Depository escrow account instructions vary depending on the specific needs of the parties involved. Escrow Specialists will tailor its services to meet the individual needs of each account. Please call our office for more details.

Parlay Law is ready to work for you. Let us help facilitate your transaction and take the worry out of the the process.