Escrow Services

An escrow, sometimes referred to as a closing, is an arrangement in which an impartial third party, called an escrow holder, holds legal documents and funds on behalf of a buyer and seller and/or lender. The funds are distributed and documents are recorded only in accordance with the written instructions received from the parties, thus consummating the transaction.

People buying and selling real estate often open an escrow for their protection and convenience. All parties rely on the escrow holder to faithfully carry out their mutually agreed upon instructions relating to the transaction, or to advise them if any of the instructions are contradictory or cannot be completed.

Once all terms and conditions of the written instructions have been fulfilled, and all closing conditions are satisfied, the escrow is closed and the transfer of property and money is accomplished.

ESCROW SERVICES

Our escrow and settlement services professionals are experienced with the intricacies of your local market and the ins and outs of every type of residential and commercial resale, new construction, refinance, relocation and timeshare transactions.

When you make the decision to work with us, you’ve chosen a partner dedicated to meeting your immediate needs while building a long-lasting relationship you can always count on. We will work hand in hand with you through every step of the closing process so you can feel comfortable throughout the real estate transaction.

Millennium Title Services is licensed and regulated by the Illinois Department of Banking. We are skilled in transactions ranging from small condominiums to large, multi-site portfolios of commercial property. Real estate closing practices in Mexico and Latin America differ significantly from the standard U.S. processes, but our goal is to assist you in making your closing efficient and smooth, while ensuring that the terms of the escrow agreement are met.

Real estate settlement (commonly referred to as closing or escrow services) typically includes accepting funds and documents from the parties to the transaction pursuant to a written escrow agreement, and holding them for delivery to the proper parties when stated conditions have occurred.

COMMERCIAL TRANSACTIONS

We specialize in assisting clients with complex and demanding commercial real estate transactions, including multi-state and multi-property matters. We bring a focus and intensity that are unparalleled and our settlement professionals work diligently to cultivate our reputation for superior levels of client service. By employing leading technology solutions, we provide our clients and their advisors with convenient, efficient online communications regarding transaction status and other important closing matters.

RESIDENTIAL TRANSACTIONS

Like our commercial settlement staff, our residential settlement teams have extensive experience in assisting buyers and sellers with complex transactions. We are committed to enhanced levels of communication through our online transaction management platform, which allows all parties to stay up-to-date on the real-time status of transactions. We tailor services and solutions to meet your needs.

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

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