Escrow account management

Step-by-Step Breakdown

Detailed explanation of each automated stage in the workflow.

1. 1

   Trigger

   Receive earnest money deposit

   Purchase agreement triggers escrow account setup when earnest money deposit is received from buyer's agent or buyer.

   SoftProRamQuest
2. 2

   Action

   Create escrow account record

   System automatically creates new escrow account with transaction details, party information, and initial deposit amount.

   SoftProResWare
3. 3

   Action

   Process and record deposit

   Deposit is processed through banking integration and recorded in escrow ledger with automatic three-way reconciliation.

   SoftProCloser's Choice
4. 4

   Decision

   Verify funds availability compliance

   System checks if additional funds are needed for closing and validates compliance with state escrow regulations.

   ResWareStewart Title
5. 5

   Action

   Generate closing disbursement worksheet

   Automated calculation of all closing costs, commissions, and net proceeds for all parties based on current escrow balance.

   SoftProCloser's Choice
6. 6

   Action

   Execute closing disbursements

   System processes wire transfers and checks to all parties according to the approved settlement statement.

   RamQuestResWare
7. 7

   Output

   Deliver escrow reconciliation report

   Final escrow account reconciliation report is generated and distributed to all parties with transaction closure confirmation.

   SoftProStewart Title

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