Buying or selling a home should be enjoyable, even celebratory. But it’s also a complex process involving different stages and a lot of moving parts. Escrow – the time between an accepted offer and closing – is particularly important for both buyer and seller, and understanding this process is essential for both parties. These tips will help you smoothly navigate escrow and avoid any surprises on your way to a smooth transfer of ownership.
Buyer’s Guide: Your Offer Has Been Accepted – Now What?
Once an offer has been accepted, your earnest money – generally about 10 percent of the contract price – will be placed in escrow. In most cases escrow lasts between 30-60 days and, along with your broker, you’ll be scheduling an inspection, appraisal and final walk-through.