Agency Escrow Disbursement Agreement Form Changes

Effective Date: 
Thursday, December 6, 2012 - 2:10pm

ATG has revised the Agency Escrow Disbursement Agreement forms that ATG independent closers and members use. Please be sure to access the form through ATG REsource, or the ATG Forms section on our website, to be sure you are using the new version.

The changes eliminate the section that asked which exceptions will remain on the final title policy, and provided a space to add new exception. Instead, paragraph 4 of the form refers to the commitment, as amended by "an authorized representative of ATG." This allows the marked-up commitment to be the sole source of information about which exceptions the final policy should contain, and which ones will be insured over by endorsement. An "authorized representative of ATG" includes the ATG member, an ATG independent closer, or a staff attorney. This change will eliminate discrepancies from arising between the Agency Escrow Disbursement Agreement’s title instructions and those on the marked-up commitment.

Please be aware of the following useful provisions in the Agency Escrow Disbursement Agreement:

  • Paragraph 1 specifically approves of the charges on the HUD-1 Settlement Statement.
  • Paragraphs 6 and 7 promise to provide release and payoff fees, if needed to clear up liens that turn up on the later date search.
  • Important for complying with Rule 1.15, paragraph 8 provides a written consent from the parties for the closer to hold the closing funds in a non-interest-bearing account.

If you conduct closings and have not been using the Agency Escrow Disbursement Agreement as a part of that process, please start doing so, for the protection it offers you as a closer. If you have any questions about the Agency Escrow Disbursement Agreement, please contact the Underwriting Department at, 217.403.0020, or 312.752.1990.

Posted on: Thu, 12/06/2012 - 2:12pm