WHAT IS ESCROW?

Title insurance safeguards property owners and lenders from potential losses or damages related to liens, encumbrances, or title defects. Every title insurance policy comes with distinct terms, conditions, and exclusions.

TITLE INSURANCE SERVICES

An escrow, commonly known as a closing, is a setup where a neutral third party, known as the escrow holder, keeps legal documents and funds on behalf of a buyer, seller, and/or lender. The release of funds and recording of documents occur strictly according to the written directives from the involved parties, thus finalizing the transaction.

Individuals engaged in buying and selling real estate typically set up an escrow for their own security and ease. All parties depend on the escrow holder to accurately execute their collectively agreed-upon instructions regarding the transaction or to inform them if any of the instructions conflict or cannot be fulfilled.

Upon meeting all terms and conditions outlined in the written instructions and satisfying all closing conditions, the escrow is finalized, and the exchange of property and funds is completed.

ESCROW SERVICES

Our team of professionals in escrow and settlement services possesses extensive knowledge of the nuances of your local market, as well as expertise in all types of residential and commercial transactions, including resale, new construction, refinancing, relocation, and timeshares.

By choosing to collaborate with us, you have selected a partner committed to addressing your immediate requirements while fostering a lasting relationship you can rely on. We will be by your side every step of the closing process, ensuring you feel at ease throughout your real estate transaction.

First Imperial Title Services is regulated and licensed by the Illinois Department of Banking. We have expertise in transactions that range from small condos to extensive portfolios of commercial properties. The procedures for closing real estate in Mexico and Latin America can be quite different from those in the US, but our aim is to help you achieve a seamless and efficient closing while ensuring compliance with the escrow agreement's terms.

Real estate settlement, often referred to as closing or escrow services, generally involves the acceptance of funds and documents from the parties involved in the transaction according to a written escrow agreement, and securely holding them for delivery to the appropriate parties once the specified conditions have been met.

COMMERCIAL TRANSACTIONS

We specialize on helping clients navigate intricate and challenging commercial real estate transactions, including those involving multiple states and properties. Our commitment to excellence is unmatched, and our settlement professionals strive to enhance our reputation for exceptional client service. By utilizing cutting-edge technology, we offer our clients and their advisors easy and efficient online updates about transaction progress and other key closing issues.

RESIDENTIAL TRANSACTIONS

Our team dedicated to residential settlements, much like our commercial settlement staff, possesses a wealth of experience in helping buyers and sellers navigate intricate transactions. We prioritize improved communication through our online transaction management system, which keeps everyone informed about the live status of transactions. We customize our services and solutions to align with your specific requirements.

The scope of our escrow services includes many types of transactions:

• Mergers & Acquisitions
• Payment of notary (notario) and government fees in business transactions
• Payment of bank trust fees, property taxes and other annual fees
• Management and supervision of accounts receivable/accounts payable
• Payment of other contractual obligations
• Payment of contractors, attorneys and other service providers
• Payment of insurance policies