A Sample Outline of the Escrow Process

No two escrow transactions are the same and some have longer wait times for documents and other items needed to close, the outline below can help you understand the process and how all the pieces need to fit together for closing.

Day 1

  • The agents send the signed contract to the escrow officer
  • Escrow assigns an escrow number
  • Escrow sends instructions to the Buyer for earnest money deposit
  • Escrow opens title order with title company
  • Escrow contacts buyer’s lender with introduction email
  • Escrow contacts HOA to order documents and to confirm if there are any upfront fees

Day 3 (estimated)

  • Buyer’s earnest money deposit is due
  • Title Report is Received
  • Buyer and Seller Opening Packages are sent
  • Title report is sent to buyer

Day 3-10 (estimated)

  • HOA documents are received and sent out to buyer
  • Buyer and seller return escrow packages
  • Payoff demands are ordered for seller’s existing loan(s)
  • Escrow provides buyer vesting to buyer’s lender

Day 10-20 (estimated)

  • Invoices for home warranty, termite, natural hazard, etc. are submitted to escrow
  • Escrow and buyer work together with buyer’s lender to satisfy all lender conditions

Day 25 (estimated)

  • Loan documents should arrive from the buyer’s lender
  • Buyer is scheduled to sign loan documents with a notary
  • Signed loan documents are sent to buyer’s lender for funding review
  • Final documents are sent to seller for signature

Day 28 (estimated)

  • Buyer wires closing funds to escrow

Day 29 (estimated)

  • Escrow balances and requests funding of the buyer’s new loan

Day 30 (estimated)

  • Escrow sets up file to record with title company
  • Title advises that recording is confirmed.

Day 30-31 (estimated)

  • Escrow disburses the file