So your offer was accepted and you’re on your way to owning that fabulous home – Congratulations! After delivering your down payment to the mortgage lender, and obtaining an escrow company, you’ll enter the actual buying process, often referred to as escrow. This period of time is when all required paperwork is started and steps such as inspection and appraisal take place. Working as your advocate during this period, your real estate agent is charged with the responsibility of ensuring that all aspects are handled before the date of closing. Here are some important aspects of escrow that you should be aware of:
Escrow periods are generally about 30 days. Within this period, all items specified in the contract must be completed satisfactorily, including inspection, which should be done early enough so that contingencies can be made or the contract can be canceled if problems cause you to want to do so.
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