REAL ESTATE BASICS
Escrow Explained
Follow a typical transaction sequence. The order, deadlines, and responsibilities depend on your agreement and circumstances.
Last reviewed:01
Accepted purchase agreement
The agreed terms define tasks, deadlines, and conditions. Ask your agent which dates matter and who is responsible. Acceptance is not a completed transfer.
02
Opening escrow
A transaction escrow holder commonly receives instructions and coordinates assigned work. Confirm the contact details independently and ask how documents and funds will be handled.
03
Deposits and documentation
Provide required documents and deposits under the agreement. Verify payment instructions through a trusted phone number before sending money. Do not rely on an unexpected email changing bank details.
04
Inspections and contingencies
Investigations and reviews may happen in parallel. Keep track of questions, requests, and deadlines. Rights and procedures depend on the contract, so ask before assuming a deposit is refundable or a repair is required.
05
Financing and title coordination
The lender, title professionals, and escrow holder coordinate their assigned steps. Outstanding conditions or title questions can affect timing. Ask for clarification about documents you do not understand.
06
Signing
Review documents and resolve questions with the appropriate professional. Signing alone does not necessarily mean funds have been disbursed, recording completed, or possession transferred.
07
Closing and ownership transfer
The team confirms completion under the instructions, including applicable funding, recording, and disbursement steps. Confirm actual closing and possession timing, then follow the agreed key handover. Keep your records.
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