Escrow Account

All licensed brokers in Missouri are required to have an escrow account. The account must be registered with the MREC and the MREC must be allowed to review and audit the account at any time.

I contacted my local bank, Bank of America (BOA), and asked my service rep if they offered escrow services and how long it would take to set up an account. The rep said he would investigate as he wasn’t familiar with escrow accounts and get back to me. I’ve found its very helpful to find people like this service rep who are reliable and will help perform research into certain topics. He called be back 30 minutes later and said they would set up an account but would take no part in its management. I met with him that afternoon and 15 minutes later the account was established.

According to Missouri License Law, the account cannot be interest bearing unless all parties who have an interest in the escrow funds (buyer, seller) agree that the account be interest bearing and agree who receives the interest accrued. I kept it simple and asked for a non-interest bearing account, which I’m sure BOA won’t mind providing.