You're in Escrow... Now What?

You're in Escrow... Now What?

Your offer got accepted. Congrats, but there is more to do. Here is what happens from contract to keys and what you need to do at each step.

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Community guide

Escrow Step by Step

Most escrows follow the same order. Here is each stage and what it asks of you.

Once both sides sign the contract, your agent calls the title company and escrow opens. Your first task is to wire your earnest money deposit, usually 1 to 2% of the price, into escrow. It shows the seller you are serious and goes toward your down payment at closing.

Book your home inspection right away, because good inspectors fill up fast. This is the biggest step in protecting yourself. The inspector checks the structure, roof, HVAC, plumbing, and electrical. If something turns up, you can ask the seller for repairs or a credit. Your lender also orders an independent appraisal in this window to confirm the home is worth enough to support your loan.

Community guide

Your Contingencies

Contingencies are the exits in your contract that protect you in escrow. Know each one before you agree to drop it.

Questions

What do buyers ask during escrow?

What should you know first?

Your offer got accepted. Congrats, but there is more to do. Here is what happens from contract to keys and what you need to do at each step.

What Does "In Escrow" Actually Mean?

Escrow is the stretch between a signed purchase contract and the day the home becomes yours. A neutral third party, the escrow or title company, holds the money and documents until every term of the contract is met.

It works as a controlled handoff. No money changes hands and no deed transfers until buyer and seller have both done their part. That protects you, the seller, and the lender the same way.

Las Vegas escrows usually take 30 to 45 days. In that time you work with your lender, your agent, the title company, and inspectors all at once. Knowing each stage ahead of time takes most of the stress out of it.

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