Selling a house? Unsure what to expect as you close?
Our experts break down the steps you’ll go through when it comes to title and escrow.
- You put your house on the market
- You accept an offer on your house
- A title search is conducted on you and your house to determine the status of title
- Your buyer deposits earnest money into escrow
- A commitment for title insurance report is given to you – be sure to read it carefully
- Escrow will send opening documents to complete. Please note that it is imperative to return these completed forms promptly to your escrow officer as they contain the information required for the closing.
- Escrow orders account statements from all vendors required pursuant to the terms of the purchase and sale agreement to transfer the property to the Buyer. These statements may include but are not limited to payoff demands for deeds of trusts/mortgages and other liens recorded against your property, assessments for homeowner’s associations, water, septic, etc.,
- Your buyer’s loan documents are submitted from the lender to escrow
- Escrow arranges the signing of documents
- Upon receipt of the signed documents and all funds required to close, escrow records the sale with the county, updating ownership records
- Escrow disburses funds per the terms of the transaction
- Congratulations, your home is sold!
This article is part of the Home Seller Guide.