Its helpful to think of purchasing a home as a process,
rather than an event. It occurs over time.
Initially you spend days, weeks or even months looking for the right home. When you find
it, you make an offer and negotiations take place, sometimes lasting hours, sometimes
days. If you are successful and a deal is struck, an escrow is opened. Escrow can be
expected to last a month or more.
Escrow is a neutral third party, a stake holder, who is set up to hold documents and
approvals as they are gathered and to disperse the mortgage, once it funds. In some areas
of the country an attorney may act as the escrow holder although in most areas a
corporation acts as escrow.
During escrow you normally will have a professional inspector check out the property, youll
be looking at the sellers disclosure statements, youll be giving approvals to
such things as the sellers disclosures, and youll be attempting to get funding
for your mortgage. This whole process is sometimes called, closing escrow.
When all approvals, documents and funds have been deposited to escrow, it is said to be
complete. The title to your new home is recorded in your name, and you are given a key and