Anyone who's ever been involved in a major transaction understands the importance of an escrow. Holding assets on behalf of the parties involved in the transaction may seem relatively straightforward, but having a trusted, neutral escrow agent can be the differentiating factor in the success of any transaction. How to look for a good escrow agent so you can focus on the details of the deal? We'll share five tips with you.
1. Reputation
The reputation of an escrow agent is one of the most critical factors to consider when choosing a professional partner. They need to be neutral, independent and able to partner with all major banks and financial institutions, so you can choose the financial provider of preference.
You want to make sure the escrow agent you'll be working with is supervised by local regulators and has strict control frameworks in place. They need to be professional, pro-active and detail oriented.
2. Pricing
Although pricing in itself may not say that much about the quality of the escrow company, it is vital you get a transparent fee offer with fixed prices. This way you know what you are signing up for, without surprises.
As time is crucial in every transaction, getting a fee quote within a couple of hours is something a good escrow agent will understand.
3. Responsiveness
We'll say it again; timing is crucial and in particular a short set-up time. An escrow agent who can act quickly and is flexible in meeting your deadlines and requirements will simplify the transaction. Working with one single point of contact who coordinates your deal, will ensure a smooth and seamless process without any delay or complication.
4. Experience
Notwithstanding any of the above, you should consider an escrow agent with excellent experience in the field. In addition to straightforward escrow arrangements, they must be able to deal with the complex. A company with specialised, dedicated experts located in key financial centres across the world has the capacity and network to provide excellent service to you.
5. Location
As major transactions can span multiple jurisdictions as well as time zones, having an escrow agent with global coverage and offices in all key financial centres is key. This network will deliver the escrow across the world with maximum efficiency.
Finally, whichever escrow partner you select for your transaction, make sure they always put your interest first.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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