Escrow Companies

Escrow Companies

“Escrow” means any transaction in which one person, for the purpose of effecting the sale, transfer, encumbrance, or lease of real or personal property to another person, or for the purpose of making payments under any encumbrance of such property, delivers any written instrument, money, or evidence of title to real or personal property or other thing of value to a third person to be held by that third person until the happening of a specified event or the performance of a prescribed condition, when the instrument, money, evidence of title, or thing of value is to be delivered by the third person to a grantee, grantor, promise, promisor, obligee, obligor, bailee or bailor, or to any of his agents or employees, pursuant to the written escrow instructions.

Not all title companies are “escrow companies” subject to licensing and supervision by the FID.  Title companies typically provide what is referred to as “escrow closing services” by “escrow closing agents,” which is generally a one-time action completed on behalf of a buyer and seller for the purpose of consummating a real estate transaction.  Escrow closing agents are defined in NMAC 12.25.2.7(G) and are specifically exempted from FID’s escrow licensing requirements.  While a few title companies are also engaged in escrow company activities, and therefore hold an escrow company license through FID, they are not required to offer these services and many do not.  Title companies may offer “title insurance,” which is overseen by the Office of the Superintendent of Insurance.

Consumers

Consumers can find useful escrow information, answers to frequently asked questions, and complaint procedures on this site.  A primary function of the Financial Institutions Division is consumer protection.  This includes investigating complaints filed with the Division that involve a licensed firm or individual, as well as handling public inquiries about licensed firms or individuals.

Industry Professionals

Licensees and industry professionals will find the necessary information and resources on this site to be compliant with regulations and statutes in the State of New Mexico.  Use the tabs on the left to explore statutory and regulatory requirements, licensing information, and industry contacts.  Check those pages often for regulatory alerts, public notices, and important industry updates.

Current Escrow Licensees