Real Estate Escrow Management Process

Début du flux de travail/processus.

Create a new entry in the Escrow Management data model when a contract is signed.

Update the escrow entry with specific property information once the inspection period is cleared.

Create a task for the Title Officer to perform a search on the property history.

Fetch contact details and deposit amounts from the initial Escrow Entry.

A list of required documents (ID, Deed, Disclosure) that must be verified within the task.

Retrieve the numerical value of the initial deposit from the data model.

Execute a formula combining taxes, agent commissions, and escrow fees to determine total settlement amount.

Sum the total value of all active escrow entries to calculate monthly company volume.

Create a task for the Escrow Officer to initiate wire transfers once all conditions are met.

Send an automated email to Buyer, Seller, and Agents confirming the scheduled closing date.

Send an SMS notification to the Buyer when the Earnest Money Deposit is confirmed in the account.

Update the escrow entry status to 'Closed' and timestamp the completion.

Generate a report summarizing all completed escrow entries and total revenue for the month.

Delete or archive entries that were closed due to failed contingencies (if business logic permits).

Execute formula: Sale_Price - (Commissions + Taxes + Fees + Liens).

Fin du flux de travail/processus.