Washington State Department of Financial Institutions

Closure Of An Escrow Office

When either the main office or a branch office of an escrow agent closes, all responsible persons are jointly and severally obliged to notify the department within twenty-four hours of closure. View WAC 208-680-245 for the closure of office rules.

Within thirty days of office closure, an itemized accounting of funds held in trust at the time of closure, including the names of the principal parties to the transaction, the escrow number, the amount of funds held and the purpose of the funds. If the trust bank account balance is zero, the escrow agent must provide a reconciliation of the trial balance supporting the zero balance.

In addition, If the trust bank account contains client funds at the time of closure, the responsible person shall provide the department with monthly reconciliations of the trust bank account to the trial balance, in compliance with WAC 208-680-410(9), until the trust bank account balance is zero. The responsible person must maintain the bonding requirements of the escrow agent until DFI is satisfied that the trust account balance is zero. These reconciliations are due within thirty days of the end of the preceding month.

Forms

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