Escrow services can be an extremely lucrative industry for any agent that chooses to work within it. An escrow agency can help with almost any industry that needs a third party to assist in the legal transfer of funds, titles, or merchandise in a business transaction. There are several businesses that use escrow services including real estate, insurance, banking, internet sales, and legal transaction groups.
To become an escrow agent, one must take part in a special training program. Escrow agents, which are also known as escrow officers, must satisfy both coursework and industry specific training before they are ready to move on to the next level. When each person is ready to become an agent, he or she must make sure that they are bonded, insured, and licensed. Additionally, these agents must be registered with the notary public to complete any necessary paperwork for escrow accounts, closing deals and house sales. Most agents are also affiliated with a larger escrow company, insurance company or bank.
Larger agencies may be industry specific, so sometimes a consumer will have to search to find the right one to help him or her handle a property purchase, receive title insurance, or to act as a third party when closing a house sale. Some escrow companies also outsource the escrow account to a local bank, though they still maintain control of the funds. Companies that do this may cost more, as they personally incur more fees. All employees working for either a commercial or residential service should be properly trained to search for all the correct information, process all paperwork according to legal codes, and to assist the customer with any questions he or she may have. Whether handling auto titles or helping manage a real estate deal, the agency must be also licensed.