Construction escrow agreements require the skills of a very talented and knowledgeable staff, which is exactly what we have to offer at River City Title. Our staff is available at any time to handle your construction escrow paperwork, especially when you require such documents promptly. Our clients want to get back to their business and earn a living, so we are here to ensure the process runs smoothly and your mind is at ease.
When you purchase a home, escrow is an important part of the closing process. The same goes for construction escrow. A third party, River City Title in this case, will handle the funds in an account until the requirements of our escrow agreement are complete or until another party pulls out of the deal. Escrow has been designed to ensure there is trust between two business partners, especially when it comes to commercial or residential construction. The construction industry is massive and requires a lot of intricate dealings to ensure projects run without a hitch.
Before an escrow agent receives any money, both parties must have formed an agreement to determine the agency’s specific duties. The funds can then be released to the seller of the property.
Unlike a residential sale, construction escrow is unique for every single deal. A few standard agreements will include a clause appointing a title agent as an acting escrow agent to waive fees. You can discuss all of this with the knowledgeable staff at River City Title when the time comes.
For more information on construction escrow or to begin the proceedings, contact River City Title as soon as possible. You can reach us by calling 309-282-4920 today. We would be happy to take your call and assist with any and all business dealings you have.