Sale of real estate

Closing Time

It’s 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, you’ll be looking at the seller’s disclosure statements, you’ll be giving approvals to such things as the seller’s disclosures, and you’ll 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 possession.

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