The stringent requirements by the Department of Business Oversight assure that every licensed escrow company has met the highest standards of the industry.  Consumer protection regulations unique to the licensed escrow companies include:

●   A Certification Program for all employees in the company, including fingerprinting and background checks by the Department of Justice;

●   A requirement that a manager or escrow officer with at least five years experience be on site;

●   Financial stability requirement, including a yearly audit;

●   Prohibiting employment of convicted felons or anyone who has been disbarred from the escrow industry;

●   Membership with the Escrow Agents’ Fidelity Corporation, which provides a $5 million fidelity bond.

The bottom line is that a licensed escrow company is the best possible neutral third party to complete your real estate transaction.  Whether searching for an escrow holder yourself, or looking to recommend one to a client, a licensed escrow company gives peace of mind.