The investigators said Universal officials were dipping into the escrow
accounts of clients and using the money to pay the company's own bills, including payroll and office supplies.
A sale of relinquished property and purchase of replacement property does not qualify as an exchange, even if the sales proceeds are held outside of the seller's control in a trust or escrow
, unless another person acts as a facilitator and exchanges property with the seller.
Margulies said the problem "all comes from the agency's inability to process cases timely, because if they can reach the tenant they won't require the escrow
Real estate escrows
performed by independent escrow
companies licensed by the California Department of Corporations do not have the limitations imposed on Broker Controlled Escrows
, and provide broad indemnification protections.
Harold and Kathy Wiener, one-time community leaders in Santa Clarita and owners of the Valencia-based Country Oaks Escrow
As summertime heats up, so does the home-buying market and the number of escrow
transactions taking place.
Vaughn has achieved the professional designations of Certified Escrow
Officer and Certified Senior Escrow
Officer through the California Escrow
professionals contribute to the health of our economy, and I commend the California Escrow
Association for your commitment to excellence in the finance and real estate industry.
These five enforcement actions bring the total to 38 fraudulent escrow
sites ordered to be shut down by the Department since May 2004.
Sites Pose as Sellers and Buyers in Elaborate
com states that the company is located in Montgomery, Alabama and that it provides escrow
services through a subsidiary called Hardfort Escrow
There are about 650 independent escrow
companies in California licensed by the Department of Corporations.