Escrow-It

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How It Works

Learn how the Escrow process works with our 5 step process.

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If you have escsrow related questions please see our FAQ listed below.

Frequently Asked Questions

What items can be sold and purchased on Escrow-It.com?

Escrow-Its online services apply for most tangible goods such as vehicles, electronics, and general merchandise or non-tangible items such as domain names. We refuse to handle transactions involving illegal items including drugs, weapons, and all other illegal items defined by current laws. Your country may have regulations about sending certain items to foreign destinations please review your country's laws regarding import-export regulations.

Does Escrow-It accept international sales or purchases?

Escrow-It offers online escrow services to countries outside of the Unites States. Please note that payment must be provided in United States currency for all Escrow-It transactions. Please contact your bank for information on converting currency to United States dollars. Escrow-It is unable to convert currency.

For sales and purchases outside of the United States it is important to contact the courier to assure you have arranged for all customs, duties, taxes, and other fees associated with international shipping have been paid and cleared. The seller is typically responsible for these additional costs but can negotiate as part of the purchase price.

As a reminder Escrow-It refuses to handle transactions involving illegal items including drugs, weapons, and all other illegal items defined by current laws. Your country may have regulations about sending certain items to foreign destinations please review your country's laws regarding import-export regulations.

What is an Escrow?

An escrow is the middle man between a buyer and a seller. The escrow receives a payment from the buyer which it holds onto until the buyer reviews the product. If the buyer still wants the product after review then the money is released to the seller. An Escrow is important to both parties to insure that no money or property changes hands before all the instructions in the purchase have been meet. The seller will then know that the buyer has the funds capable of making the payment. Make sure you use an Escrow who is licensed by the Department of Corporations. It is also important to read and understand the Escrow instructions. The Escrow officer will not give you advice on the deal being made. The Escrow officer is only there to follow the rules stated in the escrow. The Escrow can only close on cleared funds so make sure you provide funds in the form required by the Escrow. The Escrow charges a fee based on a percentage of the transaction. As long as you choose an independent licensed Escrow company, your officer will have the background needed to achieve the objectives of the Escrow instructions. The escrow process is very helpful as long as you go to the right place.

How do you become an escrow agent?

Escrow Agents primary job is holding deposits during a real estate transaction. They act as a middle man between a purchaser and seller during the transaction. Escrow agents make sure the seller and buyer know the terms of the transaction and keep all documents in order. In order to become an agent you will need the proper education. Most employers require at least a high school degree. It is recommended to take some collage courses in business but may not be required. Some schools also offer certificate programs in escrow management to help you with your new career. An associate's or bachelor's degree can provide the requirements needed for an entry level escrow position. Certain states make escrow agents become licensed before they can work. Although requirements are different, they may include paying a fee, passing a written test and bonding requirements. Bonding is basically an insurance policy for the customer to protect them against unlawful actions. Many escrow agents must also be a notary public, which allows them to obtain signatures on legal documents. Employers hiring escrow agents often require some sort of experience in the field. That's why many escrow agents start out as an escrow secretary. An escrow secretary works directly with an escrow officer and gains a great deal of knowledge which will help them master the steps involved in an escrow procedure. After a couple years, you can apply to be an escrow agent.

How do you set up an escrow company?

Starting an escrow company is fairly simple as long as you follow these simple guidelines. The first thing you will need to know is your state's requirements. Most state's make you meet a series of requirements before they can give you a license to run your escrow business. You must follow some common, industry-related guidelines. Each state requires new escrow companies to be financially secure. Depending on the state, you will need to show you have liquid assets of $50,000 or more. This can be shown in bonds, stocks, cash or in real estate and vehicles. Most states also require you have at least one manager with experience for an escrow company. If you don't have anyone with experience you must locate a supervisor with experience to help run the company. This person needs to have at least three to five years in the business. In certain states, you may need a specific affiliation with a group in a legitimate network. When filling out the application to start your escrow company, make sure you go through all the paperwork carefully. Before you send in your application, you will need to get fingerprinted. The application cost between $500 and $2000, send the money with your finger prints to yours states regulatory office. You will also be required to show your credit history and criminal record. Some states also require a surety bond in order to get started. Surety bonds insures that your company will perform the rules stated in the contracts between a seller and buyer. If your company can't complete the contractual agreement, the surety company can compensate a buyer or seller. After this is completed, you can begin your job running your escrow company.

What is the process of securing surety bonds?

To be accepted for a bond, you need to prove you are able to perform the work and complete the job. Then you must prove that you qualify for the bond. Whoever is giving you the bond wants to know if you have the assets to pay for a claim in case things go wrong. Once these two things are meet, a bonding company will write the bond. In order to secure a bond you must show that your assets are acceptable. Assets like your car, home and capital equipment are not acceptable because they depreciate over time. Consult with a surety bond company and make sure what they find is acceptable as an asset. They will write the bond when they know they won't be held accountable for any claim that may occur. If a claim occurs, the surety will pay for the claim and costs and the principal must refund the surety. The more you can liquidate your assets into cash, the better. If you meet these guidelines you will have no problem securing a surety bond.


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