Million-Dollar Escrow Account in California –
Opening a million-dollar escrow account in California comes with specific requirements to ensure that both the buyer’s and seller’s interests are protected. At Secured Trust Escrow, we streamline this process for our clients, making it as easy as possible to set up a secure, compliant escrow account.
Requirements
The first requirement is identifying and verifying all parties involved in the transaction. This step includes proof of identity, such as a valid ID, and confirming each party’s role (buyer, seller, agent, etc.). For transactions over $1 million, additional documentation may be needed, such as income verification and financial statements, especially if financing is involved.
Verified Sources
Next, funds intended for the escrow account must come from verified sources. This means the buyer must confirm their funds’ legitimacy, and any lender involved will also verify the loan’s details. Large sums of money attract stricter regulations, especially in California, where escrow laws ensure funds are protected and secure. At Secured Trust Escrow, we work closely with clients to ensure compliance with these requirements and keep the process straightforward.
Finally, both the buyer and seller will agree to the escrow terms. These terms outline conditions such as financing deadlines, property inspections, and any repairs. Once everything is verified, we set up the million-dollar escrow account, ensuring it’s secure and compliant with California laws.
