Closing an Escrow Account:

When closing out an escrow account, please review the following steps to ensure the account is closed properly:   

»        The account being closed should have minimal activity if possible.  Try to keep account open so any outstanding items have a chance to clear.  This will save you time if you need to transfer any remaining funds once you finally close the account.

»       The agent should review outstanding checks and remaining file balances so they can be reissued or disbursed to the appropriate parties.

»        Any shortages or outstanding deposits should be funded prior to closing the account.

»       If the parties cannot be located for files with outstanding checks or file balances the funds can be transferred to the new account on an individual file basis.  This will ensure the funds remain in their respective files.

»       The agent should create the same file numbers in their new account database and post individual deposits per file for the funds being transferred.  This will allow the files to show the correct balances and the funds can then be reissued to the appropriate parties.