REAL ESTATE ESCROW MANAGEMENT PROCESS

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[ ] Initiate Escrow File: Create a new entry in the Escrow Management data model when a contract is signed.
[ ] Update Property Details: Update the escrow entry with specific property information once the inspection period is cleared.
[ ] Title Search Assignment: Create a task for the Title Officer to perform a search on the property history.
[ ] Retrieve Buyer/Seller Info: Fetch contact details and deposit amounts from the initial Escrow Entry.
[ ] Document Verification Checklist: A list of required documents (ID, Deed, Disclosure) that must be verified within the task.
[ ] Fetch Earnest Money Deposit (EMD): Retrieve the numerical value of the initial deposit from the data model.
[ ] Calculate Closing Costs: Execute a formula combining taxes, agent commissions, and escrow fees to determine total settlement amount.
[ ] Total Escrow Volume: Sum the total value of all active escrow entries to calculate monthly company volume.
[ ] Loan Disbursement Task: Create a task for the Escrow Officer to initiate wire transfers once all conditions are met.
[ ] Notify Parties of Closing Date: Send an automated email to Buyer, Seller, and Agents confirming the scheduled closing date.
[ ] Alert: Funds Received: Send an SMS notification to the Buyer when the Earnest Money Deposit is confirmed in the account.
[ ] Finalize Escrow Status: Update the escrow entry status to 'Closed' and timestamp the completion.
[ ] Monthly Closing Report: Generate a report summarizing all completed escrow entries and total revenue for the month.
[ ] Remove Cancelled Escrows: Delete or archive entries that were closed due to failed contingencies (if business logic permits).
[ ] Calculate Net Proceeds: Execute formula: Sale_Price - (Commissions + Taxes + Fees + Liens).

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