Setting up a TEC account is free with a completed Service Agreement, that is cancelable at any time.
After an account is established, the fees are as follows:
1. Tripartite Escrow Agreement
-
Escrow fee rate is 1½%
of
the
total contract amount.
2. IRS §1031 Exchange - Escrow fee rate is 1½% of the maintained funds in the escrow account.
3. Fund Control - Escrow fee rate is 1% of the contract amount for contracts over $250,000.
Other fees
Wire transfers are $30.00 for each Payment Authorization Form.
Cashier's checks are free for each Payment Authorization Form.
Redrafting services for each change or addition to an escrow agreement is $7.00.