Most
real estate transactions in the State of California
utilize the services of an escrow company. Ironically,
escrow remains one of the least understood elements
of the real estate process.
Because of this, buyers and sellers often place their
faith in the real estate broker or lender to recommend
an escrow company. What many consumers don't realize,
however, is that they are entrusting this escrow company
to safeguard their funds being held in trust. In addition,
it is the primary responsibility of the escrow holder
to ensure that all of the necessary instructions in
the real estate agreement are executed.
The responsibility to protect the consumers' interests
should not be taken lightly. The escrow holder must
remain impartial during the escrow period to ensure
fair representation of all parties. It is crucial, then,
that the broker, lender or consumer makes a knowledgeable
and informed decision in choosing an escrow company.
Higher Standards
The stringent requirements by the Department of Financial Protections
and Innovation assure that every licensed escrow company
has met the highest standards of the industry. Consumer
protection regulations unique to licensed escrow companies
include:
- A Certification Program for all escrow officers in
the company's employ, including fingerprinting and background
checks by the Department of Justice;
- A requirement that an escrow officer with at least
five years experience be on-site;
- Financial stability requirement, including at a minimum
one CPA audit a year; and, frequent surprise examinations
conducted by the Department of Corporations;
- Prohibiting employment of convicted felons or anyone
who has been disbarred from the real estate industry;
- Membership with the Escrow Agents' Fidelity Corporation
which provides a $5 million fidelity bond;
- Company's sole business is doing escrow, which requires
a higher level of state regulatory requirements and
oversight.
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Betty Betts Escrow, an independant escrow company, is
the best possible neutral third party to complete your
real estate transaction. Betty Betts Escrow offers you
Higher Standards and Better Protection, in a Regulated,
Audited and Controlled environment. Betty Betts offers
you peace of mind.
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