Quality First Escrow, Inc. is an owner-operated, independent Escrow Agent, founded in January 1996, and licensed by the State of Washington under the authority of the Washington State Department of Financial Institutions.To be licensed, an Escrow Agent must comply with various requirements of the State of Washington, including:

• Employ at least one licensed Escrow Officer, one of whom must be the Designated Escrow Officer responsible for the legal compliance and day-to-day operation of the escrow company.
• Carry errors and omissions insurance as well as a fidelity bond, as required under State law. In most case, a surety bond is also required.
• Pay annual fees.
• Maintain a trust bank account with a qualified commercial bank and keep adequate, accurate records of all monies handled by the Escrow Agent.

To be licensed as an Escrow Officer or Designated Escrow Officer, an individual must:

• Fulfill the requirements of an application, including credit and character report, identification and background information.
• Pass an examination administered by the State.
• Pay annual fees.
• Be responsible for the custody, safety and correctness of all required escrow records and files (including a transaction file for each transaction handled).

An Escrow Agent may perform only those acts specified in written instructions. Those instructions are usually called a “Closing Agreement” or “Escrow Instructions,” must be in writing and are usually prepared by the Escrow Officer for signature by all parties. An Escrow Agent may also be referred to as a Closing Agent.