Surviving Escrow

You are now in the final phase of purchasing your home.

During escrow, a neutral third-party escrow or title company manages funds and ensures all contract conditions are completed before closing. This protects both buyer and seller throughout the transaction.

Escrow Deposit

A good-faith deposit is required once the purchase agreement is executed. This deposit is held in escrow, a broker trust account, or by a title/attorney office. If the transaction closes successfully, the deposit is applied toward your purchase. If the contract is canceled under allowed contingencies, the deposit may be refundable depending on contract terms.

Ensure your account has sufficient funds when submitting this deposit, as it will be processed once received.

Typical Escrow Timeline

Most escrow periods last approximately 30 days, though timelines may vary based on contract terms, financing, and inspections.

Key Contract Contingencies

1. Inspection Contingency
A home inspection should be completed early. If issues are identified, you may request repairs or renegotiate terms—or cancel the contract if permitted.

2. Financing Contingency
You must secure loan approval within the agreed timeframe. If financing cannot be obtained, you may renegotiate, request an extension, or cancel based on contract terms.

3. Title Review
A title company or attorney will review ownership records to confirm the property has clear title and no unresolved legal claims or liens.

4. Homeowners Insurance
Insurance must be secured before closing. Start this process immediately after contract execution, as certain properties may require additional coverage (fire, flood, wind, etc.).

5. Utilities Setup
Contact utility providers in advance to schedule service activation for your closing date.

6. Final Walk-Through
Conduct a final inspection of the property before closing to confirm it is in the agreed-upon condition and includes all items listed in the contract.

Closing

Once all conditions are satisfied and funds are transferred, the transaction closes and ownership is officially recorded in your name.

You’ve completed escrow—welcome to homeownership.