An escrow holder is obligated — from an unbiased, third-party perspective — to ensure that the final agreement between the principals to a transaction has been timely consummated.
An independent escrow holder, without being beholden to a real estate company, a banking institution or title insurer, can perform its duties to all responsible parties in an objective and impartial manner.
An independent escrow holder is randomly audited by the Department of Corporations and annually audited by a licensed Certified Public Accountant to protect the safety of clients’ funds and to ensure sound business practices.
Parkfield Escrow’s Higher Standards
The stringent requirements by the Department of Corporations assure that Parkfield Escrow Inc. 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 for an on-site escrow officer with at least five years experience.
Financial stability requirements, including a minimum of two audits a year.
Prohibition of the 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.