Escrow Service Procedures
1. The title commitment is ordered in the amount of the construction loan and the lender requests a construction escrow with inspections.
2. The title commitment is prepared and sent to the lender along with an Escrow Agreement, which is completed and executed by the borrower and the lender.
3. Closing documents, along with one original Escrow Agreement, are returned to us for recording and preparation of the escrow file.
1. The escrow file is prepared and an instruction letter is emailed or sent to the general contractor. Forms needed can be downloaded from our website.
2. Builders are required to have a current IRS W-9 form in the project file with us.
3. To draw funds for payment, the general contractor submits:
1. A foundation survey (1st draw only)
2. Draw request
3. Lien waivers
4. Owner’s authorization
5. Other documentation required by the Lender
4. Wisconsin Title inspects the property for completion of items drawn upon.
5. After inspection of the premises and review of submitted documents, Wisconsin Title requests funds from the lender.
1. The lender requires a written request accompanied by
2. A copy of the inspection report
3. Owner’s authorization
4. Draw request
1. The lender deposits funds with Wisconsin Title Service and a check is disbursed to the general contractor and/or subs.
2. Funds deposited with Wisconsin Title by wire can be disbursed by wire if builder provides wiring instructions. (fee)
3. Special requirements for funds disbursal can be discussed with your escrow coordinator.