Escrow is the period after your offer is accepted where all parties work toward closing the home sale. During this time, the buyer typically deposits earnest money into an escrow account, and the lender begins the mortgage process. Key steps include the home inspection, appraisal, and reviewing disclosures to ensure the property meets expectations and loan requirements. This phase protects both the buyer and seller while all terms of the purchase agreement are being completed.
Throughout escrow, important documents are finalized, contingencies are either met or removed, and title work is completed to confirm clear ownership. The escrow company or title company acts as a neutral third party, holding funds and ensuring everything is handled properly before closing. Once all conditions are satisfied, the transaction moves to closing, where ownership officially transfers to the buyer.
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