Financial Crisis Facilitates Need for Nationwide Escrow Companies

Parties involved in important monetary transactions are seeking the services of a neutral third party to handle the collection and distribution of funds. Licensed, bonded and insured escrow companies are used to dealing with large cash transactions and can serve as a trusted partner in many jurisdictions. The important thing is to find a company that has taken all the necessary steps to become licensed and bonded and operates as a true escrow company and not just a payment solutions provider.

"These uncertain times lead to an increase in fraudulent activity," comments Elliot Liss, Closeline Settlements' co-founder. "Many escrow companies operate without proper licensing, and as a result, participants in the transaction are left with no recourse should the money disappear."

Before entering into any agreements, read the terms and conditions of the escrow agreement carefully, including what happens if one party to the transaction doesn't keep their end of the deal. The Federal Trade Commission (FTC) recommends using an escrow service to protect buyers and sellers from fraud. Before using an escrow service, both the buyer and seller should verify that it is a legitimate, reputable company. Do some research on the company and select an escrow partner with a proven track record.

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