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How much will my Arizona escrow agent bond cost?
The Arizona Department of Financial Institutions requires escrow agents to post a $100,000 surety bond. The exact amount Arizona escrow agents will pay for a surety bond depends on a review of the applicant’s credit report.
The price you’ll pay can also be affected by your current business financials and a personal financial statement. By providing these, our team of surety specialists might be able to lower the cost of your bond!
Ready to get the bond you need? Click here to get started!
If you’re ready to get bonded, call SuretyBonds.com at 1 (800) 308-4358 or fill out our online bond request form today!
Why do I need this bond?
By posting an Arizona escrow agent bond, the principal (escrow agent) agrees to abide by all rules, laws and regulations stated in the Arizona Revised Statutes. These laws protect customers from any malpractice or fraud that could occur on the part of the escrow agent. A few of the unlawful acts include:
- accepting any escrow from an affiliate of the agent unless: the affiliation is disclosed to all non-affiliated participants in the escrow, or the use of the affiliated agent is not required as a condition of the loan or agreement
- refusing to provide any escrow records as requested by law or peace officers
- not depositing all monies in escrow into a bank account or loan association
If any of these laws are broken by an escrow agent and a valid claim is made against the bond, the surety will cover any damages up to the full bond amount. The principal is then required to compensate the surety in a timely manner.
Our team is dedicated to delivering the best service possible and getting you the bond you need quickly. Fill out our online bond request form to get started!
What’s the fine print?
This bond is continuous until canceled, and the obligee requires the surety underwriting company to provide 30 days notice prior to cancellation. When filling out this bond form, it’s important to only check the box for the license you will be applying for. If you need to apply for multiple licenses, multiple bonds must be obtained.
How to become an escrow agent in Arizona
Securing an Arizona escrow agent bond is just the first step in becoming a licensed escrow agent in Arizona. Here are a few things escrow agents must submit with their license applications:
- audited financial records
- a written summary of all escrow experience
- escrow rates (for real property agents)
- all fees required
Ready to get your escrow agent license? Give us a call or submit a bond request and let us fulfill your bonding needs.