Escrow is a set time during the home buying process where an impartial 3rd party (escrow company) conducts the exchange of payment for property, in order to fnalize the transaction.
The Escrow Period is typically around 30 days from acceptance of offer to close of escrow.
The Escrow Timeline
Day 1 Schedule property inspections (home and termite).
Day 1–3 Initial deposit is to be paid to escrow company.
Day 10 Review inspection, submit your request for repairs, and submit signed disclosures.
Day 17 All contingencies are to be removed (except loan).
Day 21 Loan contingency is to be removed and meet with escrow to sign documents.
Day 25–27 Buyer’s closing funds are delivered to escrow.
Day 28 Buyer’s fnal walk through of the property.
Day 29 Lender delivers the funds for the loan to escrow.
Day 30 Escrow closes, title is recorded and keys are delivered.
Do’s Continue to pay all of your debts & loans
Dont’s Close credit cards or apply for new credit/loans. Make any large purchases on your credit cards
Change bank accounts Make any cash deposits
Compass is a licensed real estate broker, licensed to do business as Compass RE in Delaware, Idaho, New Jersey, Pennsylvania and Tennessee, Compass Realty Group in Kansas and Missouri, Compass South Carolina, LLC in South Carolina, and Compass Real Estate in Washington, DC., Idaho and Wyoming and abides by Equal Housing Opportunity laws.
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