What To Expect Once In Escrow

Sample 30-day escrow with loan and standard terms and conditions on Fee Simple land:

•  Buyer presents offer with proof of funds and lender pre-approval

•  Negotiation between seller and buyer

•  Offer accepted, the next day is day 1 of contract

•  Escrow is open – escrow contacts both seller and buyer with escrow instructions usually within two business days

•  3rd business day buyer’s Earnest Money Deposit is due

•  Day 7 of contract seller disclosures are due to buyer

•  Day 17 of contract buyer’s inspection and bank appraisal contingency release is due

•  Day 21 of contract buyer’s loan approval contingency release is due

•  Day 30 of contract close of escrow and property conveys once title is recorded (must be a business day)

**Notes: (1) Escrow may be less than 30 days if purchase is all cash (2) Escrow may be up to 15-20 business days longer if on leased land (3) Escrow may be up to 10 business days longer if sale requires HOA consent