Recommendations for escrow agent?

January 06, 2021

by a searcher from University of Virginia-Darden - Darden School of Business in Salt Lake City, UT, USA

We're working on closing and due to PPP regulations part of the money needs to be deposited in an escrow account until the loans are forgiven.

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Reply by a searcher
from Butler University in Indianapolis, IN, USA

We weren’t a party to the escrow as the acquiring company. I believe the bank and the seller used a title company as the escrow agent. We closed our deal in 9/30 and the flow of funds deposited the ppp loan balance in the escrow with the title company as agent. The ppp was forgiven about a month ago, and the funds were released to the seller. I would just go with any local title company that you or your attorneys are familiar with.

Reply by a professional
from William Mitchell College of Law in Minneapolis, MN, USA

Thanks Luke. Most often people use their business bank. The bank that made the PPP loan may be willing to do the escrow as well. Many of the big national banks will do escrow accounts but they typically charge a lot.

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