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Contract Collections

Local service. Simplified pricing. Experience you can trust.

Peoples Bank has provided Contract Collection services for over 40 years. As we did over 100 years ago when we established our roots in Washington State, we operate from a “People First” philosophy. Our unwavering commitment to our employees, customers, and local communities is what makes us a true community bank and distinguishes us from other banks in the area.

Why use a professional Contract Collection service provider?

Not all buyers and sellers have the experience or resources to adequately perform these important functions, and errors or omissions can lead to costly disputes. Our Contract Collections services facilitate and manage payments between a buyer and seller, ensuring a timely and efficient transfer of funds. We handle all record keeping and reporting, ensuring both parties have accurate information for timely tax filing.

Our Contract Collection Fees are simple and affordable. We don’t believe in hidden costs and we don’t nickel and dime you for each service.

  • Contract Setup Fee or Assumption Fee            $350.00
  • Annual Maintenance Fee                                  $150.00
  • Annual Disbursements Fee                               $150.00


FAQ

A Contract Collection facilitates the payment from a buyer to a seller. It is the management of the financial obligations between two or more parties by a third-party agent. The role of Peoples Bank is to collect and disburse payments received according to terms of the Contract Collection agreement.

Please gather the following documents from our website:

In addition to these forms, we will need a copy of the applicable supporting documentation for your contract, including but not limited to the following:

  • Promissory note
  • Deed of Trust
  • Real Estate Contract
  • Contract of Sale/Bill of Sale
  • Entity Documentation

Peoples Bank acts in a neutral capacity and does not collect on unpaid debts. It is the responsibility of the parties involved to initiate any demands on past due payments either directly or through an attorney.

The payor/buyer receives an annual statement in January showing prior year transactions.  The payee/seller receives a receipt with the breakdown of principal and interest, along with year-to-date information each time a payment is made.  Transactions that include real property will generate a 1098 to be sent to the buyer. 

We will send the buyer and seller confirmation of final payment.  Peoples Bank does not hold original documents.  Therefore, it is the responsibility between the buyer and seller to ensure all appropriate documents are released and/or recorded.

We do not provide escrow services; Peoples Bank will perform bookkeeping services only.

On a 365/actual basis, interest is calculated from the last date of payment to the next date of payment, making the number of days between those payments the actual days of interest you pay from that payment. On a 360/30 basis, interest is calculated every 30 days regardless of the date you actually make the payment, therefore every regular monthly payment consists of 30 days of interest whether there is more or less than 30 days in that month.

Yes, we do allow assumptions and a fee of $350 will be assessed for the assumption.  We will need the following documents to process the assumption:

  • Promissory note
  • Deed of Trust
  • Real Estate Contract
  • Contract of Sale/Bill of Sale
  • Entity Documentation
Yes, with the appropriate documentation. Please contact the Contract Collection team at 800.350.5990.
 
Yes, Peoples Bank can provide an amortization schedule.
 

Getting Started With Contract Collections...

Step 1: Submit a request using the button below and a member of our Contract Collections team will reach out to you with more information.

Submit Request
Step 2: Complete the required forms:

Contract Request Form Payee/Seller FormPayor/Buyer Form
Step 3: Upload completed forms and documentation using the secure upload link provided by the Contract Collections team.

Contact Us

Email:
contract.collections
@peoplesbank-wa.com

**Do not submit any forms or supporting documentation until the Contract Collection Team has provided the secure upload link**

Phone: (800) 350-5990

Address:
Peoples Bank
Attn: Contract Collection Request
4183 Meridian St
Bellingham, WA 98226