Escrow: Now What?
Congratulations, you are on your way to owning your very own home! Follow these suggestions (or the advice of your Agent) so that escrow and settlement with go as smooth as possible.
The period that you are "in escrow" is often 30-45 days, depending on the purchase contract and financing. During this period of purchasing your home, you will use an escrow or settlement company to act as an independent third party to hold your deposit and coordinate the financial activity that goes on during the escrow period.
Once Escrow has been opened, here are the top 5 priorities that should be completed as soon as possible after the contract to purchase is signed:
1. Escrow Officer will email instructions for you to deposit Earnest Money.
2. Order Home Inspections and consider specific inspections including pest or radon.
3. Be in contact with your Lender and ask when you should be locking your interest rate and ask them to order the appraisal immediately.
4. Read through the Title Commitment sent by your Escrow Officer, paying close attention to the Schedule B’s and Exceptions.
5. Get a quote for your Homeowner’s Insurance and purchase a policy as soon as possible, paying attention to special requirements for fire or flood insurance.
We know there are a lot of moving parts during this process, but we’ll be with you each step of the way!