An escrow company is a neutral third party that is responsible for collecting all the documentation regarding the sale and holding it in one place. After we have an accepted offer one of the agents will call the escrow company and “open” escrow. This is where all the purchase offer forms will be collected and the escrow instructions will be written. The escrow instructions basically spell out who is responsible for what and when. It covers the time frames as to when the inspections need to be completed and who will provide the home warranty and the title insurance.
Toward the end of the escrow, the lender will send the loan documents to the escrow company. These documents will address the terms of the loan and you will need to go to the escrow company and sign these papers before the loan can be funded.
We will discuss who chooses the escrow company a bit later.
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