escrow, no it's not a french snail
FOR BUYERS AND SELLERS
You have mutual acceptance! Woohoo, you can almost feel those new hardwoods under your feet already. Hold yer horses there bucko, the works just begun. Time for escrow.
Escrow? I've had those at a fancy restaurant before...... No, escrow is not a French snail. After mutual acceptance you're considered to be "in escrow". Escrow is a third party that handles the exchange of real property and funds, provides a place to sign on the dotted line, and files to record needed documents. Technically they work for the buyer and seller equally. However, with the exception of title in most cases, they don't button down many of the other checklist items you'll need to tackle while "in escrow".
OTHER SUCH ITEMS CAN BE:
>>Title research and title insurance**
>>Home insurance quotes and binder
>>Finalizing your loan (yeah, that's kind of a big one!)
>>Inspection, it's review, and needed repairs
>>Finalizing your file and all needed documents to make it complete.
Getting the picture yet.....
Escrow will work with your agent, the other party's agent, your lender, title, your insurance company, etc.... to gather and put together your transaction and prepare it to close and record.
**Your escrow company is most commonly your title company as well. Title is a document or series of documents that address details regarding the deed. The title company will conduct research, ensure the title for real estate is legitimate then provide insurance to cover any unforeseen lawsuits or claims that could arise over disputes on that title.
This page is just a rough outline of what being "in escrow" looks like. Feel free to contact me if you have any questions or would like more detail.