If you are a first-time buyer or a seller who hasn’t been involved in a transaction for a long time, the escrow period may be confusing.
In simple terms, here is how it works:
When a seller and buyer come to terms regarding the offer and all signatures are on the contract the contract is submitted to a title company to handle the escrow.
Escrow here in northern California is held by a title company. What that means the contract is sent to the title company, the buyer remits the earnest money as a deposit which can be from 1% to 3% of the sales prices and is held in an escrow account by the title company. The title company manages the disbursement of all funds.
The escrow period is generally 30 days, actual days not business days, and the counting starts the next day after the contract is fully executed.
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