Escrow FAQs
Answered
When do we need to open escrow? The seller will commonly open an escrow when their home is put on the market. After your offer is accepted, you will need to wire your 3% deposit money into escrow. What does an escrow officer do? Your escrow officer will oversee all aspects of your real estate transaction, such as signing paper-work, completing a title search, obtaining hazard and title insurance, and collecting and then distributing money.
Why do properties fall out of escrow? Sometimes, there is a problem with the loan where the appraisal comes back lower than the offer price, or a structural problem is discovered during an inspection. How long does escrow take? The length of escrow is determined by the purchase agreement. Depending on the terms, it can last from a few days to up to 90 days. A typical escrow in the Bay Area is 21-30 days.
20 | Von Kaenel Giambruno Real Estate Group
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