When choosing a corporate escrow company in AZ to manage your escrow transaction requires intensive research and some degree of investigation. An escrow is designed to protect all parties involved in a transaction. Before signing a contract, it’s a good practice to confirm the expertise, standards, and level of security of customer service you expect from the company that will be assisting with your escrow arrangement.
There are many states that do not require the registration or licensing of escrow agents. Knowing how and where your escrow funds, documents, and proprietary information are being kept is of vital importance. The security and safety of funds – through timely validation and verification via electronic banking – is a must for cash-holding and loan-servicing escrows.
Questions to Ask When Choosing a Corporate Escrow Company in AZ
1. How long has the corporate escrow company been in business? It is important to select an escrow company with a number of years of experience in providing services similar to those you need.
2. Does the corporate escrow company in AZ carry fidelity bonding and professional liability insurance? If the escrow company you are considering is processing a large quantity of cash-holding and loan-servicing escrows, fidelity bonding, and professional liability insurance coverage should be a requirement.
3. What is the professional expertise of the staff providing the escrow service? Are there experienced escrow officers, attorneys, and accountants on staff to assist with resolving any technical issues that may arise in your escrow transaction?
4. What is the legal expertise of the escrow company? How strong and flexible are their escrow agreements? An accurate escrow agreement will clearly and comprehensively define all terms pertaining to the release of escrow funds, documents, property or proprietary information.
5. How and where are escrow monies held? Is a highly-accredited national bank being used for cash transactions and the holding of escrowed funds? Are legal documents and proprietary information physically stored in a safe environment with the highest security standards or uploaded digitally to a secure, state-of-the-art cloud storage vault?
Don’t feel overly obsessive when asking these questions. The company you are considering will see that if you come prepared, their level of preparedness needs to match yours. Remember, those who are affiliated with your business should match your level of desire, intensity, and preparation.
Selecting a corporate escrow company in AZ doesn’t have to be a difficult and time-consuming process. By doing your research and answering a few questions prior to your meeting, you will have a better chance that your escrow agreement will be executed without issue.
Take some time to make sure that you’ll be receiving all the convenience, communication, transparency and professional expertise that a good professional escrow company provides. Contact us with your questions about escrow today!