Escrow Agent Surety Bond is required for individuals and businesses that provide escrow services.
This entails a third party that receives, maintains and then disburses various types of documents, such as a deed or bond, valued assets or funds on behalf of the primary transacting parties. These license and permit surety bond ensure that the agent delivers the escrow in the agreed-upon timeframe, and operates in accordance with all applicable laws and regulations.
Title insurance agencies have to post a $5,000 bond for each escrow officer who is a resident of Texas. For each escrow officer who is a resident of an adjacent state, the bond amount is $10,000. The total amount for all escrow officers should not exceed $50,000.
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How much does a Texas escrow officer schedule bond cost?
Title insurance agencies have to post a $5,000 bond for each escrow officer who is a resident of Texas and the rate starts from $100 and up depending on the applicant’s credit history and experience. For each escrow officer who is a resident of an adjacent state, the bond amount is $10,000. The total amount for all escrow officers should not exceed $50,000.
The bond amount is different from the price you have to pay, which is your bond premium. Your actual cost is only a few percent of the required amount: typically between 1% and 3%. If you have to obtain the maximum amount of $50,000, your bond premium could be as low as $500 and up.
Who needs to obtain a Texas escrow officer’s schedule bond?
Title insurance agencies in Texas have to post an escrow officer schedule bond for each escrow officer they employ. The Texas Department of Insurance requires bonding. The bond is a part of the licensing criteria for escrow officers. It ensures escrow officers’ compliance with relevant sections in the Texas Insurance Code.
How do I get a Texas escrow officer’s schedule bond?
You can start your bonding process today. Just apply online for a free, no-obligation Texas escrow officers schedule a bond quote. If you’re ready to see your exact price, you can complete the full application and attach all the paperwork. We’ll deliver it in no time.
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If you have any questions or concerns, make sure to call us at (800) 374-9227. All-State Bonds Agents will be happy to assist you.