When buying or selling a home, you will have a number of people working for you to include the real estate agent, the lender, the home inspector, the appraiser, and the escrow agent. However, because the escrow agent has the responsibility of handling the deposit money and completing the escrow agreement, confidentiality is of the utmost importance.
For starters, there is the retention of the money. In this case, the escrow agent would need to maintain any cash in a secure and locked safe, which would be accessible only by him or her and other authorized individuals. A reputable escrow agent will do everything required to ensure the confidentiality and security of the money. Keep in mind that an escrow agent’s records can be inspected by the Registry Operator.
Another consideration for the escrow agent is that the four most recent full deposits and incremental deposits after the earliest of the four full deposits must be retained at all times. These monies must go through and pass a strict verification process. Then, the escrow agent must take all appropriate steps to protect the confidentiality of the deposits. That means the agent is not permitted to disclose, make available, transfer, or for any reason, use the deposits.
Now, there will be times when an escrow agent is notified by a governmental agency, court with appropriate jurisdiction, or other legislative body that any deposits by rule, regulation, order, or statue must be disclosed. In this case, the agent would have up to seven days to respond to and cooperate with the Registry Operator. During this time, if the contested proof were unsuccessful, the escrow agent would not be held liable for the disclosure pursuant to the governmental agency, court with appropriate jurisdiction, or other legislative body.
As you can see, the escrow agent has a very important responsibility and plays a vital role in the handling of the escrow agreement and money. Based on the area in which you live, the size and type of home, the location of the actual property, and a few other factors, the escrow agent will charge a fee. Just remember that this fee is not set or controlled by law, meaning you will find fees changing dramatically state from state and city from city.