> This information outlines the disparities between licensed, independent escrow companies and controlled, non-independent escrows, directing individuals to relevant licensing and regulatory agencies to ascertain an escrow’s license status. Understanding this information is crucial. It is strongly advised to verify an escrow’s license and disciplinary record promptly upon selection. Conducting due diligence at the outset can safeguard against potential fraud. Failure to review the license status and record of an escrow holder could result in unwittingly engaging with an unlicensed entity, previously revoked for unlawful activities, or with a history of disciplinary actions for unethical business practices. By diligently conducting upfront research, such situations can be avoided. While reputable escrow holders exist, there are also unscrupulous ones. Naturally, given the choice, one would opt for a properly licensed escrow with a clean disciplinary record. > > In preliminary research, it is prudent to note that non-independent and controlled escrow holders may not have undergone the rigorous licensing process mandated by the Department of Business Oversight (DBO) or held to the higher standards stipulated by the Escrow Law. In such instances, additional inquiries are warranted, and a more discerning approach to selecting an escrow is advisable. Informed consumerism is pivotal; active involvement enhances protection. > > Prioritizing the verification of licensing status for individuals involved in real estate transactions, including real estate brokers or agents, mortgage brokers or loan officers, is essential. Ensuring they are licensed and in good standing with their respective regulatory and licensing agencies is imperative. > > Furthermore, it is recommended to assess the reputation and experience of escrow companies by consulting with real estate professionals, other escrow entities, financial institutions, and acquaintances who have engaged in property transactions. Additionally, referencing the Better Business Bureau and conducting online searches can provide valuable insights. > >
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