An important part of our work as a title insurance agency is the collection and disbursement of funds associated with your real estate transaction. In a purchase and sale transaction, the buyer is often required to make an earnest money deposit. We hold those funds in our escrow account until closing or until we are instructed to release them. We are also responsible for the collection and disbursement of the funds required to close a transaction. Knowing how much to collect and disburse requires an accounting of the transaction. We work with buyers, sellers, real estate agents and mortgage lenders to create a final settlement statement that reflect the terms of the parties’ agreement. That settlement statement reveals exactly what we must collect – from buyers and/or their lenders – and exactly what we must disburse (e.g., real estate commissions, mortgage payoffs, tax payments and other closing costs).
We have adopted the latest in account reconciliation software to ensure that every dollar in and out of our escrow accounts is accounted for properly. Beyond that, our accounts and reconciliation reports are reviewed regularly by our underwriter partners.