An escrow agent is a neutral third party who holds money, instructions, and documents until a specified event, most commonly a real estate transaction. When all terms and conditions of the agreement have been met, the escrow agent will then delivery the money and documents as directed in the escrow instructions.
Some escrow agents also choose to offer title insurance. Title insurance companies are licensed and regulated by the Division of Financial Regulation.
Oregon escrow agent licensing
The following items must be submitted to the Agency:
- A cover letter describing:
- The general plan of the escrow business
- The description of the character of the business
- The history of the business
- A completed Escrow Agent License Application Form (PDF).
- $450 license application fee.
- A completed Bond of Escrow Agent (PDF) or a deposit. (We suggest that you make sure you can get a bond before continuing the licensing process.)
- A balance sheet and income statement prepared by a certified public accountant (CPA) according to generally accepted accounting principles (GAAP).
- Signed resume of applicant (if an individual) or resumes of applicant's personnel (if not an individual) detailing a minimum of 3 years total experience in the administration of escrows in Oregon or another state with compatible escrow laws. Resumes should include:
- Former employers
- Employment dates
- A completed Escrow Criminal Records Check Application (PDF), fingerprint card, and $47 criminal records check fee for each:
- Person with 5 percent ownership interest in business
- Corporate officer in direct control of escrow operations
- Individual in direct control of escrow operations