What is an Arizona Escrow Agent Bond?
An Arizona Escrow Agent Bond is required under ARS Title 6, Chapter 7 of the Arizona State laws as a prerequisite for licensure as an Escrow agent.
The escrow agent bond looks after and safeguards your patrons in case you give them incompetent recommendations, provide flawed information, carry out an unsound or unprincipled decision, or write down erroneous details in your client’s personal information document. If your customer goes through some financial hardships or emotional and psychological distress resulting from your mistakes (deliberate or unintentional), they are sheltered by the bond and can be compensated monetarily.
Why do you need an Escrow Agent Bond?
Having an escrow agent bond will provide your customers the peace of mind they need knowing that a third-party surety company supports you. It will likewise present you as an enterprise owner of uprightness and proficiency. You are demonstrating to your customers that you are competent in providing to them services that are honorable and carried out in a professional manner.
This is extremely crucial to the enhancement of your reputation as an enterprise owner and the outright advancement of your image within the industry. As an outcome, clients are confident and will not have qualms in availing of your services. If the obligee files a corroborated claim against you, your client will be protected.
More details about Escrow Agent Bond
Securing an Arizona escrow agent bond is just the initial move in becoming a licensed escrow agent in Arizona. The following are the necessary documents that you need to provide together with your license applications – 1) reviewed financial documentation; 2) a written rundown of your escrow experience; 3) escrow rates (for real property agents), and 4) pay all necessary charges.
What is the cost of an Escrow Agent Bond?
An escrow agent bond is vastly reliant on your financial credit report and standing as a business owner. Qualified candidates with robust financial documentation and excellent entrepreneurial performance are expected to pay lesser than those who have a dubious credit history.
How do I get an Escrow Agent Bond?
Avail of an escrow agent bond through Surety Bond Authority professionals. You can give us a call, or you can visit us in our office, and we will be glad to enlighten you on the process and assist you in resolving whatever concerns you have.
The time taken from application to issuance of the escrow agent bond diverges depending on the momentum of paying your premiums and other factors such as providing the right documentation. Usually, this type of bond is accepted instantaneously upon the completion of the written application and is usually issued one to two days after the surety company’s acceptance of your payment and the signed copy of the contract.