Opening Escrow: Step One on the Road to Home Ownership

Opening Escrow can be a daunting step for the new homer. However, there is a bonus, when you open escrow, you get a new best friend in the real estate process – the escrow agent. Escrow formally opens once you sign the deposit check, and you and the seller sign the purchase agreement. Both are then handed over to the person who will take over until  the keys are handed over to you at the closing.

Depending on the state, the agent may be an escrow attorney or an officer from a title or escrow company. You will also be entrusting this third party with all necessary documents, agreements and instructions to be garnered along the way. Since this can be a long and winding road, the escrow agent will be there to answer any questions you may have about the progress being made. Escrow can be maddening but remember, it assures that the lender will release the purchase funds to the seller to coincide with the recording of the new deed of trust that makes you an official home owner.

Eastland Escrows has been servicing escrows in Covina, California since 1973 . If you’re in the market for a home in the surrounding area, contact them, they’ll be there for you

 

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