An escrow is an independent third party account and is the means by which the interests of all parties to the transaction are protected. The escrow is created after the contract for the sale of the home is executed. The escrow becomes the depository for monies, documents and instructions that pertain to the sale of the home. The amount of time necessary to complete the escrow is determined by the terms of the purchase agreement. It is normally 30-45 days, but can range from a few days to several months.
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Escrow Time Table
- Loan Application requested by the buyer
- Contract signed and dated
- Escrow opened at Lawyers Title Agency and earnest money deposited
- Termite inspection ordered by the buyer-original termite report is delivered to Lawyers Title
- Property inspection ordered by the buyer
- Insurance for home procured by the buyer-Provide this information to Lawyers Title and your lender
- Appraisal ordered by the lender
- Appraisal completed
- Buyer approved by the lender
- Repairs, if any, completed and approved by the lender and the buyer
- Final contingencies removed
- Final signing appointment scheduled
- Closing figures confirmed with escrow officer-buyer informed of funds due at closing
- Final documents signed by the buyer and seller
- Final documents filed with County Recorder by Lawyers Title
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