Seeking 3rd Party Escrow/Title Company to hold earnest deposit

February 25, 2025

by a searcher from Buena Vista University in Douglas County, CO, USA

I'm looking for recommendations for a reasonably priced and reliable 3rd Party/Title Company (or similar) that can hold a small Earnest Money deposit. The business broker for the deal we're under LOI for just sent me a link to Escrow.com, which only allows for a 30-day inspection period, which obviously doesn't work when we're just starting the due diligence. Additionally, they are trying to charge me $300 for what Escrow.com charges $130, so I just don't really trust anything they're doing at this point.

Reply by an intermediary
from Arizona State University in Houston, TX, USA

In Texas a lot of companies use Lawyers escrow. Depending on the deal Marzella Law Group will do it for their clients. Title companies won't do it for business transactions, banks in Texas have stopped offering the service a few years ago, most attorneys don't want to mess with it. If you trust the broker, allow them to hold it. Otherwise, you may want to request this portion of the offer be waived.

Reply by a searcher
from Concordia University in Toronto, ON, Canada

Your lawyer should have a trust account for such retainers and also distribution of funds at closing. However, if the seller or their broker wants to have an interest on the retainer, then your lawyer will need to draft an agreement for this purpose that will cost you of course.

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