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Legislation passed this year that will increase the aggregate bond amount from $200,000 to $1,000,000. It is possible that your policy may already meet this increased requirement, but some do not. If your fidelity bond aggregate is less than one million dollars, you will need to increase the amount to one million by July 28, 2013.
You can use the following link to access changes to the Escrow Agent Registration Act.
Question: Who is responsible for obtaining signatures on an addendum to a purchase and sale agreement?
Obtaining signatures on a purchase and sale falls under the definition of real estate brokerage services and can only be performed by a licensed real estate agent. Therefore, if a real estate agent asks an escrow agent to obtain the required signature(s), the real estate licensee would be aiding and abetting unlicensed real estate practice. The exception would be if the escrow agent is also a licensed real estate broker.
The duty of the escrow officer is to follow the instructions of the buyer and seller as presented in the negotiated purchase and sale agreement. When the escrow officer is put in the position of having documents signed that are part of the purchase and sale agreement, their neutrality is compromised and, as well, they are conducting unlicensed real estate activity.
The real estate licensee should provide escrow with signed negotiated documents. When changes need to be made it is the real estate licensee’s responsibility to provide signed documents.