WHAT ARE CONSTRUCTION ESCROWS?

Construction escrows are agreements entered into by and among at least three parties. These Agreements provide for the deposit and disbursement of funds used to pay the cost of the construction of improvements to land and related development costs. Construction escrows are utilized by lenders, title companies, home owners, and general contractors to obtain construction disbursing services and title insurance coverage.

HOW DO YOU ORDER OUR SERVICES?

You may either submit your request via our secure online disbursement request form or you can download a pdf version of our disbursement request form and fax it to 618.467.6374 or mail it to us.

WHAT IS A CONTRACTOR'S VERIFIED STATEMENT?

It is a primary document required by KevCor for anyone choosing to use our services. A copy of it is available online for you to view, print, fill out and then fax to KevCor for approval. Click here to download, view and print the Contractor's Verified Statement. You will need the Adobe® Acrobat® Reader to view and print this form.

WHAT PARTIES ARE INVOLVED IN AGREEMENTS?

The usual parties to such agreements are a land owner/borrower, general contractor, lender, and title company.

WHAT TYPE OF PROJECTS ARE COVERED?

Escrows can be used for all types of construction and projects ranging from residential, commercial, subdivision/site development, apartment development, and remodeling/home improvement projects.

WHAT IS THE ROLL OF THE DISBURSING AGENT?

The disbursing agent works closely with the property owner, general contractor, subcontractors, lenders, material suppliers, laborers, and the title agent involved in the project. The disbursing agent monitors and reports the progress of the project to the proper parties. Inspections are completed before each disbursement, and home owner authorizes all disbursements. Disbursing agent collects all lien releases through disbursement control affidavits listing general contractors and sub-contractors working on the projects.