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Escrow Account Management Checklist
Account Setup
Verify the legitimacy of the escrow account with the bank
Ensure that the account is set up in the name of the appropriate party
Record the account details in the organization's financial system
Funds Management
Deposit initial funds into the escrow account
Track all incoming and outgoing transactions
Reconcile the account balance monthly
Compliance and Auditing
Ensure compliance with state and federal regulations
Schedule and conduct regular audits of the escrow account
Maintain detailed records of all financial activities for auditing purposes
Communication and Reporting
Provide regular updates to all parties involved in the transaction
Prepare and distribute monthly statements to stakeholders
Address any discrepancies or concerns raised by stakeholders promptly
