Escrow Management

    • Brokerage Engine |
    • 0 step |
    • 2 minutes

      Add Escrow Deposit

      Click "Add Deposit"
      Set the date escrow funds were received
      Check number or tracking number
      Select the contact who provide escrow funds.
      Tip! Can always use 'add new person' if escrow funds did not come from the buyer/seller on transaction
      Enter the amount of the escrow deposit
      Tip! Escrow account should already be defaulted to your primary escrow account. Should only need changed if you have a secondary escrow accounts
      Alert! Do NOT select your commission or operating account. If keeping the funds the escrow money will automatically transfer to the operations/commissions account when you indicate you are keeping the escrow money
      Select Escrow account for funds to be deposited into
      Click "Save"
      View deposit here. If needing to correct mistake the escrow deposit can be revoked.
      Click "Close"
      When holding escrow, but you have not yet indicated you are keeping escrow or paying it out, it will show as unbalanced.

      Keep Escrow Deposit

      Click "Toggle Dropdown"
      Click "Keep Remaining Escrow"
      Tip! Kept escrow account should already be defaulted to your operating/commission account. Should only need to select another if needing to go to a secondary bank account
      Select the operating/commission account you want the escrow deposit to transfer too
      Select the date you want the escrow transfer to take place. This can be independent of the close date
      Click "Keep"
      Click "OK"
      Click "View Entries"
      Verify Commissions deposit is reduced by kept escrow amount
      Click "×"

      Move escrow back to Holding

      Click "Hold Deposit"
      Click "OK"
      Should indicate back to unbalanced

      Create Escrow Payout

      Click "Toggle Dropdown"
      Click "Add Payment"
      Select who to receive the escrow payment
      Select if to generate a check or create a wire transfer
      Click "Save"
      Click "Payments"
      Alert! Do NOT click pay out escrow until you are sure it is to get paid out. Once done the system will not let you revert back
      Clicking "Pay Out Escrow" creates the actual check or wire transfer in Accounting.
      You can edit payment amount or click delete to remove the pending payment and the escrow will revert back to 'holding'
      Click "Close"
      Confirm payout amount on this line item
      Click "View Entries"
      Confirm Commission deposit is NOT reduced by escrow money
      Click "Close"
      This Scribe is in tip-top shape!Leave feedback if there are any issues with this Scribe