Escrow and closing are the last two major steps to overcome before the desired property is yours. Having a realtor by your side to guide you in understanding the various escrow and closing processes is crucial. The following are brief descriptions.
Understanding Escrow – The buyer and seller come to terms and conditions for the transfer of ownership of the particular property. The terms and conditions are then given to an escrow holder (neutral third party so that the interest of all parties in the transaction are protected). The escrow officersâ€™ duty is to oversee that all the terms of the escrow are carried out accordingly.
Escrow Process – the escrow officer follows instructions based on the terms of the Purchase Agreement and the lenderâ€™s requirements. The escrow officer is able to hold inspection reports and bills for work that has been performed as required by the Purchase Agreement. Hazard and title insurance, and the grant deed from the seller to the buyer are also part of the escrow process. Escrow cannot be completed until these terms have been met and all parties have signed off on the escrow documents.
Length of Escrow â€“ the length of an escrow is established by the terms of the Purchase Agreement. The length can range from a few days to several months. The average length of an escrow is 30 – 45 days.
Closing Process – the close of escrow consists of reviewing, signing and exchanging documents; filing of documents and the disbursement of funds.
Recording Deed – the deed is recorded after the escrow officer sends it to the county registrars office. Once it has been processed, you (the buyer) will be sent a copy of the recorded deed in the mail several weeks after the registrar office has files the paperwork.
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