Escrow Services

Attorneys' Title Guaranty Fund, Inc. (ATG) offers a full range of escrow services. In addition to traditional title company escrow services, such as title indemnities and deed and money closings, ATG also acts as a Qualified Intermediary to facilitate tax deferred exchanges. All escrows are administered with the utmost care by our experienced professionals.

Section 1031 Tax-Deferred (Starker) Exchanges | Now part of ATG Trust Company services (see the Attorneys section of their website).

Title Indemnity Escrows | When certain title defects are raised against the insured premises, the parties face the possibility that the closing may be delayed, or that the entire transaction may even be cancelled. Through the use of title indemnity escrows, those transactions can close on time. At closing, monies are deposited into a title indemnity escrow and held by ATG to ensure that those title defects are cleared.

Joint/Single Order Escrows | Joint or Single Order Escrows allow ATG to accommodate the parties by holding money or documents for a specific purpose (e.g., earnest money deposits or to ensure the completion of repairs). Although similar to the Title Indemnity Escrows, there is no immediate concern over a title defect. Instead, the parties need a neutral party to act as the stakeholder. The escrowed funds can be released only upon the written direction of all parties to the agreement.

Deed and Money Escrow Closings | Deed and Money Escrow Closings require that, before funds can be disbursed, all documents must be recorded and title must be later dated to reflect the posting of those documents. These closings are also used in situations where all of the documents and monies are not going to be ready at the same time. Deposits are made periodically into the escrow. When all the documents and monies have been received, the escrow agent can complete the transaction according to the written instructions of the parties. Another variation is the "New York Style" closing. For this closing, the documents are recorded before disbursement, but the later date need not reflect the posting of those documents. The transaction can usually disburse the same day. Most Deed and Money closings are actually done "New York Style."

Construction Escrows | Construction escrows are used to protect the construction loan lender by ensuring that no mechanics' liens are recorded against the real estate as a result of the work performed on the property. ATG will not administer a construction escrow if there is no lender involved. Construction escrows involve multiple draws from monies deposited into the escrow. Sworn statements, lien waivers and other documents from the contractors, subcontractors and suppliers, must be reviewed prior to each draw. All amounts and balances due must be verified prior to each draw to ensure that there are sufficient funds to meet the obligations set forth on the sworn statements. Most construction escrows are administered directly by ATG's Escrow Department.

Investment of Escrow Deposits | All monies are deposited at LaSalle Bank. If the parties require that their funds be invested in an interest bearing account, certificate of deposit, or other investment vehicle, ATG will accommodate them whenever possible.

To set up an escrow or obtain more detailed information about our services, please contact us:

ATG Escrow Department
One South Wacker Building
One South Wacker Drive, 24th Floor
Chicago, IL 60606-4654
Phone: 312.752.1142 | Fax: 312.224.0292
[Last update: 8-10-10]