The escrow process is a timeline that begins with a fully executed purchase contract between buyer and seller, and ends with the seller receiving his money and the buyer receiving the keys. If you are obtaining financing (as opposed to paying cash) then there are two transactions occurring simultaneously – the sale and the loan. A typical 30 day escrow might look as follows:
Day 1. Escrow opened!
Days 2 – 10. (Sale) Get earnest money/good faith deposit check to escrow. Schedule inspections, receive and review prelim, seller disclosures and HOA docs (if applicable). Receive, complete and return escrow documents package. (Loan) Sign loan disclosures and schedule appraisal.
Days 11 – 17. (Sale) Receive and review inspections reports. Obtain any further inspections recommended. Resolve, renegotiate or accept condition of the property. (Loan) Loan approved! Receive and review appraisal. Provide requested conditions (documents) to loan officer for final loan approval/ clear to close.
Day 18. Remove contingencies or issue objections.
Day 25. Sign loan documents at escrow office. Wire closing funds to escrow.
Day 29. Loan funds!
Day 30. Recording of deed and deed of trust (mortgage). Close of escrow!