My Escrow Company Due Diligence

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Always check the fine print – Escrow service providers are third party contractors whose trustworthiness must be assessed!

I did a post last week about choosing an escrow company and due diligence. Since then I’ve had many people ask me questions about what to look for so I put together a list of the companies I checked and what I found.

Generally if you are using an escrow company there is a fair amount of cash involved. Save yourself headaches by doing your homework to be sure you are using a company that is licensed, insured and bonded. If you can’t find what you are looking for, call them! Ask for documentation. This is your money, if everything is in place, they’ll be happy to assist you. If they aren’t forthright with their replies..run! It’s a lot less expensive in time and money to avoid a problem than to fix one..if it can ever even be fixed!

Here is some of the information I was able to find:

PaysafeEscrow.com – The governing law  for this companies transactions is that of the Winnebago Tribe of Nebraska.  URL registered in 2012.  The tribal court will preside over any issues.  IP location in Virginia

 Sedo Escrow – couldn’t find any licensing information.  US and Canadian residents governed by the laws of Massachusetts.  Other users agreement governed by the laws of Cologne, Germany.  Not sure which takes precedent on a US/Germany transaction.  IP location in Germany 82.98.86.183

 Moniker Escrow – Does business under Florida law, services not available for California residents.  No license information available on the website.  IP location in Oregon 63.156.206.51

 Agreed.com Escrow – licensed by the Department of Business Oversight in California since 2012.  License number – 9632645  Transactions subject by CA Escrow Law.  https://agreed.com/legal/user-agreement  IP location in Belgium

 Escrow.com – licensed by the Department of Business Oversight in California since 2000.  License number – 9631867  Additional escrow licenses include Arizona and Idaho.  Transactions subject to CA Escrow Law.  Strategic partner with US Department of Commerce.  https://escrow.com/escrow-101/general-escrow-instructions.aspx IP location California 216.32.131.76

 Escrowhill.com – licensed in New Zealand since 2013.  Terms of service not available on website other than services not available to California residents.  Escrowhill.com operated by Administration Services, LLC, which does business as Escrowhill.com.  Administration Services, LLC address is a UPS store in Las Vegas.  IP location London 83.170.126.189

 Safefunds.com – governing law is Indiana.  They decide any disputes – “You agree that Safefunds.com is the final arbitrator of any dispute”

 

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