The Escrow Process

1.   WHAT EXACTLY IS AN ESCROW?

     An escrow is an independent, neutral intermediary and is the vehicle by which the parties close the
transaction.  Your Escrow was created shortly after you executed your contract to purchase your new home.   The escrow becomes the depository for all monies, instructions and documents pertaining to the purchase of  your new home.  Any questions or requirements you may have concerning the home itself, such as
appliances and repairs, are not part of Escrow, but rather, matters between buyer and seller.

2.  HOW DO I OPEN ESCROW?

You will not have to open escrow:  It will be done for you.  As soon as you execute your purchase agreement,  your real estate agent will deposit your initial down payment into your escrow account.  Your Escrow Officer  or Escrow Assistant will then send you Escrow Instructions.

3. WHAT ARE ESCROW INSTRUCTIONS?

Escrow Instructions define all the conditions that must occur before the transaction can be finalized. 
Your Escrow instructions represent your written statement to the escrow holder protecting your interests.   They authorize the Escrow Officer to order title insurance which provides ownership protection for your
new home.

4. WHEN DO I SIGN ESCROW INSTRUCTIONS?

Your Escrow Officer will send escrow instructions to you for signing along with other forms such as: 
Vesting instructions, statement of confidential information, and change of ownership form.  If you have any
questions on these forms when you receive them, call your Escrow Officer or Assistant and they will be  happy to refer you to appropriate counsel.  Be sure to return your signed instructions and forms as soon as  possible.  Decide how you wish to hold title to your new home.  We suggest that you contact a lawyer or
financial advisor before you decide.  Complete the vesting information and return the form to
escrow promptly.

5. ASSUMING THE LOAN IS APPROVED, WHAT'S NEXT?