What are the benefits and requirements of an Escrow account?
An Escrow Account is an arrangement where money is held in trust by one party (Department of Records and Tax Administration) for a second party (Customer). Our department sets up an account in the Customer’s name to be used by the Customer to pay fees owed to the Department of Records and Tax Administration. This is generally used for frequent customers, not the general public. The Escrow Account must maintain a minimum balance. Documents may be submitted at multiple times throughout the day to the Department of Records and Tax Administration. All companies are required to place a company stamp on the upper left hand corner of each document. • Documents can be received in a bundle format within 5 to 10 business days.
