Armi & Ronald Abiera

The escrow is a depository for all monies, instructions and documents necessary for the purchase of your home, including your funds for the down payment and your lender’s funds and documents for the new loan. These items will be deposited with a disinterested third party that can be an escrow or title company. The escrow officer takes instructions based on the terms of your purchase agreement and your lender’s requirements.

 

How do I open an escrow?
Your real estate agent will open the escrow for you. As soon as you execute your purchase agreement, your agent will place your initial deposit into an escrow account.

 

 How will I know where my money has gone?
Written evidence of your deposit will be provided by the escrow or title company. 

 

How long is the escrow?
The length of an escrow is determined by the terms of the purchase agreement and can range from a few days to several months. An escrow often takes an average time of 30 to 45 days.

 

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