Separately administered Escrow Accounts
THE FUNDS ARE HELD IN A IRREVOCABLE TRUST
The Escrow Account is protected by professional liability insurance for $1,000,000 per account
The Escrow Service includes an arbitration process to resolve any disagreements with the transaction
Protection against fraud
PROFESSIONAL ESCROW SERVICES FROM MEXLAW ARE AVAILABLE FOR A VARIETY OF SITUATIONS IN ALL TYPES OF TRANSACTIONS BETWEEN COMPANIES AND INDIVIDUALS
Real Estate Transactions
Property Rental
Line of credit
International Trade
Vacation rentals
Payment of fees
Administration of Trust accounts in U.S.A., Mexico and Canada
Beware of closing companies who claim that they can receive and hold funds in their Escrow Account because one of their members is an American Realtor and therefore the money will be deposited into their trust account and held until the closing. They claim your funds will be protected by the realtor’s board of which they are a member. This claim is not accurate.
The realtor’s board in each US State will only permit funds to be deposited in Trust for transactions taking place in the State of which the realtor is an active member – representing the buyer of the seller.
ESCROW IN COMMERCIAL TRANSACTIONS
When buying, selling or offering services, both parties to a contract are concerned that the other party will not deliver on what they promised. The “client” wants to receive the product or service and the “seller or service provider” wants to be certain that they will be paid once they do deliver. In some contracts this can be achieved by a COD method of payment on delivery. If no payment, no delivery. However, what can be done when the delivery needs to be shipped to its destination thousands of kilometers away? Or partial deliveries over a period of time? Or the provision of services over time including partial instalments? One of the parties of the contract has to take the risk that the other will comply faithfully with the bargain or there will not be a transaction.
Escrow services resolves this dilemma by providing a neutral third party to hold the funds until all the parties have accomplished their part of the bargain, the conditions of the Escrow are detailed in the Escrow Services Agreement. The Agent holds the funds and disburses them according to the terms of the Agreement and respect the conditions.
Trust Big Rock Title as your Escrow Agent. We are impartial, experienced, and multi-disciplinary team of lawyers, accountants, and professionals that will prepare the Agreement and anticipate and issues that may arise. Once appointed and in control of the funds, Big Rock Title will respect their obligations contained in the agreement and will help resolve any issues that may resolve.