Escrow and the Close of Escrow
ESCROW AND THE CLOSE OF ESCROW
Once your offer has been accepted, both the buyer and the seller are now in contract and escrow is opened.
WHAT IS ESCROW?
Escrow is the process by which the interests of all parties in a real estate transaction are protected, ensuring that all conditions of the sale have been met before property and money change minds. Escrow is an independent depository wherein all funds, instructions and documents for the purchase of your home are held, including your down payment, your lender's funds, documents for the new loan, hazard and title insurance, inspection reports and the grant deed from the seller. At the close of escrow, the escrow officer delivers these items to the appropriate parties, dispursese the funds and handles the associated paperwork.
