Did you know all real estate exchange companies are not the same? The law is leveling the playing field.

Filed Under For Buyers, For Sellers, Home Owners, Investors, Landlords · Tagged: , , , , , , ,  

 This information was provided to me courtesy of IPX Exchange.  For more information on them contact me for a qualified referral!

EXCHANGE COMPANY REGULATION

TAKES AFFECT IN OREGON

 

Beginning January 1, 2010 Oregon requires exchange companies to: 

 

·         Maintain a fidelity bond of $1.0m or, in lieu of a bond, hold the funds in a qualified escrow or trust.

·         Maintain errors and omissions coverage of $250,000.

·         Invest funds in accordance with the prudent investor standard.

·         Prohibits the exchange company from loaning funds to any related entities.

·         Prohibits commingling exchange funds with operating accounts.

 

January 16, 2010 by : No Comments

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