[WSBARP] Escrow, LPO’s and IOLTA

Craig Gourley craig at glgmail.com
Wed Mar 28 20:05:34 PDT 2018


You need to figure out if you are an escrow company regulated under DFI or performing legal services under regulation by the bar. Gets really complex and the tax ramifications at the state level can spank you if get it wrong. Call me next week if you would like to talk it through.



Sent from my Verizon, Samsung Galaxy smartphone


-------- Original message --------
From: Michael Safren <msafren at gmail.com>
Date: 3/28/18 4:13 PM (GMT-08:00)
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] Escrow, LPO’s and IOLTA

Hello:

I recommend that you also look at WAC 208-680-410 which specifies and enumerates the trust account/ bank account type that Escrow Companies are required to use for escrow funds.

Here's a link - http://apps.leg.wa.gov/wac/default.aspx?cite=208-680-410

Hope this helps.

Michael Safren
Assistant Vice President - Commercial Escrow Closer for Ticor Title
Web Editor, WSBA RPPT section

On Wed, Mar 28, 2018 at 4:01 PM, <nestor at pplsweb.com<mailto:nestor at pplsweb.com>> wrote:
Big problem for the company. All monies must be in pooled IOLTA according to the WSBA and LPO's are subject to the same rules.

APR 12 f (4) and LPORPC 1.12A (h)


Nestor Gorfinkel, Attorney at Law
Licensed in Washington & Florida
Florida Civil-Law (International) Notary

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-----Original Message-----
From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com>> On Behalf Of Randy Cornwall
Sent: Wednesday, March 28, 2018 3:17 PM
To: wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] Escrow, LPO’s and IOLTA

Listmates - I have a question about escrow companies and IOLTA accounts.

My understanding was that any escrow company that employed LPO‘s had to establish an IOLTA trust account and that any interest earned be paid to the Legal Foundation of Washington. I just spoke with a local bank that handles the banking for numerous escrow companies, and they told me that only one of them has an IOLTA account. All the rest have “regular” trust accounts that allow interest credits earned to be used to pay for bank fees - and even earn income!

Does anybody have any experience with this or know of a bright line rule for when IOLTA accounts are required or not?

Thanks in advance for your advice.

Randy Cornwall
Demco Law Firm

Sent from my mobile device. Please forgive typos and incorrect "auto corrects".

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