Summary

• Jurisdiction: Washington

Chapter Details

Summary

§19.1	Introduction and Scope
§19.2	The Escrow Agent Registration Act and Related Regulations
(1) Definitions (2) Designated Licensed Escrow Officer (3) Fidelity Bonds, Errors and Omissions Policies, Surety Bonds (4) Specific Duties and Responsibilities of Licensed Escrow Agents and Officers (a) Duty to Comply With Escrow Instructions (b) Duty Not to Defraud or Mislead (c) Duty to Segregate Funds in Trust Accounts (i) Under the Act and WAC Regulations (ii) Impact of RPC 1.15A (d) General Duty Not to Improperly Disburse Funds (i) Duty to Withhold Funds for Clearing and/or Written Notice of Disputes (ii) Collected Funds Requirement (iii) Duty Regarding Earnest Money Deposits (iv) Duty Regarding Disbursement of Excess Amounts, to Employees, or for Bank Charges (v) Miscellaneous WAC Disbursement Duties (e) Duty to Act Promptly (f) Record-keeping Duties (5) Prohibited Acts Under the Statutes and Regulations
§19.3	Common-Law Duties and Liabilities
(1) Duty to Comply With Escrow Instructions (2) Duty Not to Exceed Escrow Instructions (3) Duty to Obtain Clarification of Inconsistent Instructions (4) Duties of a Dual Agent (5) General Duty Not to Improperly Disburse Funds (6) Disclosure Duties (7) Duty to Properly Perfect Security Interests (8) Duty to Advise Parties to Seek Independent Counsel (9) Duty to

...