Construction Escrow

CONSTRUCTION ESCROW

The Chicago Commercial Center has established the largest National Construction Escrow Department in the country. Our seasoned staff members represent over 150 years of combined construction escrow experience and knowledge to help you with your construction project, whether it is ground-up, tenant finish work, or rehabilitation. We manage escrows ranging from a small single family home to a Billion dollar mixed-use development, in most of the fifty states.

Our most common product is Construction Loan Escrow services. In this scenario, a lender wishes to make sure that the lien of its mortgage is in first position after taxes to the property and that the property remains free from mechanics' lien claims that could prime its mortgage, as its disburses its loan proceeds throughout the duration of the project. (Please note that in certain states due to regulations, we may not be able to give this type of coverage, but may instead be able to give a limited or modified coverage). Do not hesitate to contact our Construction Escrow Department to discuss what options may be available in a given location.

Some lenders prefer to disburse money directly themselves, and this is called an Outside Interim. The documentation required for an Outside Interim and the Construction Loan Escrow are the same, however, the lender disburses the funds, and the title company will issue its date down endorsement to the lender once it can cover the date that the lender’s disbursement occurred. (Note: this product is available in limited areas, please contact our Construction Escrow Department for availability).

We also offer Construction Escrow services to an owner when there is no lender involved. We act as an intermediary between the owner and the general contractor, and review the documentation submitted as if we were giving title insurance to a lender. On occasion, we will give the owner limited coverage over mechanics' lien claims. In order to determine if your project meets the qualifications, please contact a construction escrow representative or your sales representative.

	Chicago Commercial Center Construction Escrow Dept. Brochure

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Chicago Commercial Center, Chicago Title Insurance Company 10 South LaSalle Street, Suite 3100, Chicago, IL 60603 312.223.4CCC

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