Escrow Thursday: Who Chooses the Escrow?

Who Chooses the Escrow?

The selection of the escrow holder is normally done by agreement between the principals. If a real estate broker is involved in the transaction, the broker may recommend an escrow holder. However, it is the right of the principals to use an escrow holder who is competent and who is experienced in handling the type of escrow at hand. There are laws that prohibit the payment of referral fees; this affords the consumer the best possible escrow services without any compromise caused by a person receiving a referral fee.

Check out the escrow company that your broker recommends by asking for references and checking them through the State Licensing Department. Find out if there have ever been any complaints filed against the escrow company and what was the outcome of the complaint. If there have been no complaints you can be assured they do a very competent job.

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