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Escrow Heights is licensed by the California Department of Business Oversight as an Escrow Agent, and are thus subject to stringent consumer protections.
The DBO for short, is the state agency responsible for administering the “Escrow Law” in California and, in that capacity, is the primary regulator for independent escrow agents. Both title companies and real estate agents are licensed by other departments with the state of California, and do not have to abide by the strict financial regulations an independent licensed escrow company adheres to.
Below you will find a comparison chart of why an Independent Licensed Escrow Company is highly recommended ensuring maximum protection.
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CRITICAL
-
per California DBO - State Regulator
- Bonding Required
- Manager Escrow Experience Required
- Regular Audits
- Annual CPA Audit Required
- Trust Funds Insured
- Financial Liquidity Requirements
- NET Worth Requirements
- Escrow License Required
- Assumed an Impartial 3rd Party
- DOJ Criminal Background Check
- - of all Employees
- - Owners
- - Stockholds
- MAXIMUM PROTECTION
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ESCROW HEIGHTS
-
SAFEST
per California DBO - CA Department of Business Oversight (DBO)
- YES!
- YES! 5 Years escrow officer experience, 4 years as escrow offices or branch manager.
- YES!
- YES!
- YES! 5 Million. Escrow Agents Fidelity Corporations covers all licensed escrow corps.
- YES!
- YES!
- YES!
- YES!
- YES!
- YES!
- YES!
- YES!
-
Broker Owned
-
VERY RISKY
per California DBO - Bureau of Real Estate (CalBRE)
- NO!
- NO!
- NO!
- NO!
- Yes, $25,000 individual BRE Recovery Fund. Collectible only after a conviction for fraud.
- NO!
- NO!
- NO!
- Escrow Officer is employee of the broker who has influence over the transaction.
- NO!
- NO!
- NO!
- NO!
- VERY RISKY!
-
Dept. of Insurance
-
VERY RISKY
per California DBO - NO!
- NO!
- NO!
- NO!
- NO!
- NO!
- NO!
- NO!
- NO!
- Title department has access/control of escrow money and procedures.
- NO!
- NO!
- NO!
- NO!
- VERY RISKY!