09. Basic Concepts of Escrows & Minimum Standards

William Stein · May 31, 2019
Course Type Duration Assessment CLE Credit Available
On-Demand 1 Hour Yes 1 Hour

This course is intended to familiarize participants with basic concepts of escrows, the duties of the escrow agent in a real estate transaction, and minimum standards for escrow accounting. State-specific requirements and guidelines for lawyer trust accounts are also discussed. At the completion of this course, participants will be able to describe the important role the escrow agent fulfills in the real estate transaction, particularly pertaining to the agent’s fiduciary duty. Participants will be able to identify the basic types of escrow accounts. They will also be able to explain the concept of “good funds” vs. “collected funds.” Participants will be able to articulate minimum standards of escrow accounting set forth under Pillar #2 of ALTA’s Best Practices, Rule 1.15 of the Mississippi Rules of Professional Conduct and the Mississippi Lawyer Trust Account Guidelines. They will be able to describe the basic types of post-closing escrows. Finally, they will be able to articulate the basics components of a good escrow agreement, as well as good business practices regarding escrows.

About Instructor

William Stein

W. Jeffry Stein, Esq. is Regional Counsel for Florida and the Southeast and Senior Vice President for Alliant National Title Insurance Company. Jeff manages legal issues throughout the country on behalf of Alliant National, and is responsible for underwriting and our independent agent education programs in Florida and the Southeast. With over thirty nine years experience working for major underwriters in both claims and underwriting, as well as in private practice actually writing title policies for underwriters, he brings a deep and rich understanding of not just the legal ramifications inherent to the title insurance industry, but of the critical elements necessary to ensure an Independent title insurance agent’s success. Jeff is a past president of the FLTA and currently an advisor on the ALTA Forms Committee. When not wrangling title issues, Jeff can be found racing cars, taking professional quality pictures and working with his wife on their horse farm.

1 Course

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Course Includes

  • 2 Lessons
  • 1 Quiz
  • Course Certificate