You have likely heard the term, but do you know what Escrow really means? Whether you are considering buying or selling a home for the first or the fourth time, every buyer and seller go through “Escrow”. We try to take any mystery out of the equation when you work with us. Here is a quick, easy summary of Escrow.... The actual dictionary definition is:"The primary purpose of an escrow for a real estate title transfer or closing settlement is to have a trusted, neutral stakeholder hold the seller's deed to the property, which will be delivered to the buyer upon payment of the sales price and fulfillment of other sale conditions."
In California, the escrow company is a neutral 3rd party that holds the deed; they assist all parties, buyer, seller, lender, and Realtors, in completing the real estate transaction. The escrow company holds and disperses funds, prorates taxes, checks for encumbrances, and so much more! As your trusted Realtor, we work with your escrow officer to take you step-by-step through the process. Escrow can be as quick as a couple days or drawn out to a few months. Each real estate transaction is unique but there are some standard expectations for the timeline, given there are no unforeseen surprises. Typically, if a buyer is obtaining a loan, escrow will be 30-45 days and shorter if no loan is needed.
We find both buyers and sellers are better prepared to tackle some of the stressors that come up if we familiarize them with the process. So, we created this week by week breakdown of what happens for both parties and what you can expect. There are a lot of moving parts and a lot of activity behind the scenes! Here is what your basic escrow timeline looks like!
Flexibility is an important factor. Buying and selling a property is stressful but we do a good job of mitigating that stress by keeping you informed and ready for the next step!
If you are thinking of buying or selling in 2018, reach out to find out how we can help.