Atria Real Estate March 8, 2023
Real Estate Tips
In our fifth instalment of Buy Your Dream Home Series we'll discuss the escrow process and give you a step by step flowchart of the entire journey.
The “escrow period” refers to the days and weeks between the contract signing and the closing date specified in the contract. The escrow company acts as a neutral third party to collect the required funds and documents involved in the closing process from the initial deposit money and loan documents to the signed deed.
The escrow company is obligated to safeguard funds and documents and disperse funds and convey title only when all provisions of the escrow instructions have been satisfied. The length of the escrow period is written into the offer and varies. Typically, escrow is 30-45 days however it can be much shorter in all-cash deals.During the escrow period there are a lot of moving parts, as both the buyer, seller, lender and agents are working hard towards the common goal of a successful closing. Here are just some of the things that may happen during this timeframe.
You’ve got questions and we can’t wait to answer them.