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Questions 2017-07-07T22:37:51+00:00
Is Paramount Escrow independently owned and operated? 2017-06-09T21:51:39+00:00

Yes, Paramount Escrow is independently owned and operated.

What is the difference between an “independent” escrow company and a “broker owned” escrow company? 2017-06-12T19:23:21+00:00

An independently owned escrow company is governed by the Department of Business Oversight, NOT by the Department of Real Estate.

The Department of Business Oversight (“DBO”) requires its Escrow Holders to be licensed and bonded as an independent escrow company. The Department of Real Estate has no such requirements.

DBO regulations are more stringent, with requirements such as regular operational procedure audits, on site escrow manager requirements, annual independent audits, deposit funds protection, net worth requirements of the Escrow, and background investigations on ALL employees including photos and fingerprints.”

What is an escrow? 2017-06-12T19:23:57+00:00

An escrow is an arrangement in which a mutual third party, called the escrow holder, takes part in the transaction.

The Escrow Holder, holds legal documents and funds on behalf of a Buyer and Seller, and also distributes them according to the Purchase Agreement.

An escrow holder communicates with other parties involved in an escrow transaction, inclusive but not limited to: Realtor’s, Loan agent, Title company, Insurance holder and existing Lien Holders of record such as Banks, IRS, and Governmental Agencies.

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