When the purchase
agreement is accepted and signed by all parties, your Sales Associate
will open escrow for you and your earnest money will be deposited. The
escrow is neutral third party that will receive, hold, and distribute
all funds associated with your transaction.
Removing Contingencies
Prior to closing escrow, all of the contingencies of the Purchase
Agreement must be met. Your Sales Associate will coordinate this
process. Typical contingencies include:
Closing The Escrow
Closing escrow is a legal transfer of title to the property from the
seller to the buyer and is the culmination of the transaction.
Once all the conditions of the escrow have been satisfied, the escrow
officer advises you of the date the escrow will close and takes care of
the technical and financial details. Usually the Grant Deed and Deed
of Trust are recorded within one working day of the escrow's receipt of
loan funds. This completes the transaction and signifies the "close of
escrow".
When all of the terms and conditions of escrow of both buyer and seller
have been fulfilled, and all closing conditions satisfied, the escrow
officer will return the instructions and documents to the lender for a
final review. Following the review, which usually occurs within a day
or two, the lender is ready to fund the loan and advises the escrow
officer, so that the necessary work can be completed to record to
documents and "close" the escrow.
The title company will then disburse the documents and monies to each
party involved in the transaction, and the keys to the home will be
turned over to the buyers.