Our Escrow Process
Introduction to all parties involved
Provide Purchase Agreement
We request to be provided a copy of the purchase agreement, once the parties have agreed to a final draft or executed purchase agreement. This is what we use to determine the terms of the escrow agreement.
Prepare Escrow Agreement
Once we’ve received the purchase agreement to outline the terms of escrow release, we’ll prepare the escrow agreement and share it for the parties to review.
Execution of Escrow Agreement
Once the parties approve the escrow agreement, we circulates it for signatures on the day of closing, which we wait for the parties to authorize.
We then remain on standby for the funding party (usually the buyer) to wire funds to our escrow account. Upon receipt of funds, we’ll confirm receipt to let all parties know that they can begin transfer of assets or interests. We then remain on standby until the parties authorize the release of escrow. We also ask for the wire instructions for the applicable parties and verbally verify the wire instructions during this time for security.
Escrow Release Instructions
When we’re given the green light for escrow release from the applicable parties, we’ll circulate Escrow Release Instructions for everyone to sign – this document basically breaks down the funds flow.
Release of Funds
We send the executed escrow release instructions and verbally verified wire instructions to our accounting department for release of funds – we’ll then advise the parties once funds have been sent. Congratulations on a successful funding!