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Most Boston luxury high rise condo transactions utilize the Seller broker company.  Ironically, escrow remains one of the least understood elements of the Boston high rise condo sales process.

What many consumers don’t realize, however, is that they are entrustings this escrow to safeguard their funds being held in trust.

It is crucial, then, that the broker, lender or consumer make a knowledgeable and informed decision in choosing who holds the escrow.

Better Protection

Large sums of money handled by escrow companies can entice unscrupulous individuals to abscond with the funds they are holding in trust.

Independent Licensed escrow companies are consumers’ best bet for safeguarding their funds.

All licensed escrow companies are required to be members of the Escrow Agents’ Fidelity Corporation which provides fidelity coverage for member trust accounts in the amount of $5+ million.

Higher Standards

A Certification Program for all officers in the company’s employ, including fingerprinting & background checks by the Department of Justice.

Financial stability requirement, including multiple CPA audit’s a year; and, frequent surprise examinations conducted by the DBO.

Neutral Third Party

Whether searching for an escrow holder yourself, or looking to recomment one to a client, a licensed escrow company gives you peace of mind

Bonding

Requirement for Maintenance of tangible net worth and excess of liquid asset

Conclusion

Consider me your #1 resource for all things regarding Boston condos for sale! Household changing? Getting married (or divorced)? Time for a change of scenery or job relocation? Want to invest? Just send me an email  at [email protected] or call 617-595-3712 – I can help.

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