Step 9: Escrow
Once an offer is accepted the escrow period will be initiated. Buyers will provide you, the seller, with an escrow amount to ensure good faith of commitment to purchase your home. During the escrow process:
• Title companies make sure a title is clear of any and all encumbrances
• Title agents handle the title, financing, transaction instructions and other paperwork related to the home purchase.
• The lender will review the documents and approve them. The escrow agent will then be granted permission for the title company to record the documents.
(Escrow will typically receive the loan documents about four days prior to closing.)