When Does Escrow Begin?
In the State of California, we have an escrow process and one of the most common questions that buyers have is “when does escrow begin?”.
Depending on the Real Estate transaction, it’s not uncommon for escrow to begin immediately when the purchase offers is accepted by the seller but some Realtors® consider escrow to not officially start until the deposit also has also been delivered to escrow, and an escrow number has been assigned.
What Happens If An Offer Is Accepted On A Weekend?
In Real Estate it’s not uncommon for an offer to be accepted on a weekend and in these cases escrow will start on the Monday morning following that weekend.
About The California Escrow Process
The purpose of escrow is for the terms of the accepted contract to be verified before the funds or deeds are exchanged.
Although a standard sale escrow can begin immediately once a purchase agreement has been fully executed, with short sales it may take longer for escrow to go through because an escrow officer may want to wait for the bank to approve the price.
A typical escrow process varies on the type of real estate that’s being sold but on average escrow takes about 30 days to close once you factor in things like the buyers contingencies, inspections and repairs on the home or property.
Learn More About The Escrow Process
If you’re planning on buying a home in Southern California, the escrow process can be at times stressful and confusing, that’s why we take the time to help educate and prepare home buyers for all steps of the home buying process.
To learn more about the escrow process, or to view homes for sale in Southern California, contact Fred Sed Realty by calling us at (800) 921-9231 or connect with us online.