Independent Escrow Companies

Real Estate Broker-
Owner Escrow Departments

Title Company Escrow Departments

State of California Regulating Body (If Complaints)

Dept. of Corporations
(D.O.C.)

Dept. of Real Estate

Dept. of Insurance

Bonding Required

Yes

No

No

Manager Escrow Experience Requirements

Yes
(4-5 Years)

No

No

Regular Operational Procedural Audits

Yes
(Every 12-48 Months by the D.O.C. without any prior notice.)

No
(D.R.E. Auditors go out only if a problem is encountered)

No

Independent Audits Required

Yes
(Annually, too!)

No

Yes

Deposit Funds Protection

Yes
Escrow Agents Fidelity Corp. (E.A.F.C.) Covers All Independent Licenses

Yes
(D.R.E. Recovery Fund: Max $20,000 per individual)

No

Escrow Officer Certification

Yes
(For escrow officer employees of members of California Escrow Assoc.)

No

No

Net Worth Requirements

Yes

No

No

Liquidity Requirements

Yes

No

No

Escrow License Required

Yes

No

No

True Impartiality as a Third Party

Yes

Doubtful
(Broker has financial interest in transaction.)

Doubtful
Title company has other financial interest in transaction.

Background Investigations of ALL Employees, including photos and fingerprints

Yes

No

No