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Escrow laws

by agkfl
4 replies
So, I been looking up to see if there are any laws pertaining to running a Escrow service , since I will be running this service within the next 2-3 months.

Mainly Im looking for laws within Canada, or the business residing within Ontario. I see many things about laws in the US on google, but nothing governing Escrow in Canada(other then relestate)

Anyone have info if there are any licenses, government or not that would run into consideration?
#escrow #laws
  • Profile picture of the author Kay King
    If you plan to set up any sort of financial service - hire a lawyer! You need legal advice, not forum opinions.
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    • Profile picture of the author Tsnyder
      Originally Posted by Kay King View Post

      If you plan to set up any sort of financial service - hire a lawyer! You need legal advice, not forum opinions.
      Ditto. The smartest thing you can do is delete the text from your
      post and see a lawyer ASAP. If not, you will likely hear all sorts of
      advice from well meaning people who really don't know the facts.

      Acting on that advice could destroy you financially.

      Don't do it.
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      If you knew what I know you'd be doing what I do...
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    • Profile picture of the author agkfl
      Originally Posted by Kay King View Post

      If you plan to set up any sort of financial service - hire a lawyer! You need legal advice, not forum opinions.
      Actually, I all ready have all the legal documents prepared, and proof read by a lawyer that will be needed for holding funds, and fairly distributing and depositing funds.

      Escrow in Canada as far as I see it dominated in house sales, or and by lawyers all under well written contracts for the buyers and sellers. Its not information lawyers will give up easy as it means large commisions for the lawyers if they specialize in that specific niche. (Power of Attorny Lawyers, estate sales, lump sum payments, insurance claims ect...)

      Let me ask differently the question.

      I need to know if there are any Canadian Governing Laws about Escrow, restrictions, being bonded or insured. In the US I know some states require you have insurance liability, be bonded. There is no here or there mention in any canadian .gov sites that I can find. Lawyers who don;t know the specific laws refer you to a lawyer who deals with this specialized field, the ones in it, hold the information close.. and it is not fisable to have a $200-400 contract adjustment per Escrow Trade having a lwayer look over the details and contract.
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      • Profile picture of the author Tsnyder
        Originally Posted by agkfl View Post

        Actually, I all ready have all the legal documents prepared, and proof read by a lawyer that will be needed for holding funds, and fairly distributing and depositing funds.

        Escrow in Canada as far as I see it dominated in house sales, or and by lawyers all under well written contracts for the buyers and sellers. Its not information lawyers will give up easy as it means large commisions for the lawyers if they specialize in that specific niche. (Power of Attorny Lawyers, estate sales, lump sum payments, insurance claims ect...)

        Let me ask differently the question.

        I need to know if there are any Canadian Governing Laws about Escrow, restrictions, being bonded or insured. In the US I know some states require you have insurance liability, be bonded. There is no here or there mention in any canadian .gov sites that I can find. Lawyers who don;t know the specific laws refer you to a lawyer who deals with this specialized field, the ones in it, hold the information close.. and it is not fisable to have a $200-400 contract adjustment per Escrow Trade having a lwayer look over the details and contract.
        OK... Let me answer in a slightly different way. If you're unable
        or unwilling to consult with a lawyer who specializes in the business
        you want to enter you should stay out of that business.

        Nobody here can give you competent advice.
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        If you knew what I know you'd be doing what I do...
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