​​

You’re one step closer to owning your dream home—exciting times ahead! To ensure a smooth escrow and closing process, follow these key recommendations along with the guidance of your trusted REALTOR®.

​

Down Payment & Escrow Process

As part of your home purchase, you’ll be required to provide a down payment. The amount you choose to put down—whether minimal or substantial—can impact your long-term finances. A larger down payment typically means:

• Lower monthly mortgage payments

• Shorter loan term

• Less interest paid over time

• ​

During the transaction, an escrow or settlement company will serve as a neutral third party. They’ll manage funds, hold your deposit securely, and coordinate essential steps throughout the escrow period. In some cases, your deposit may be held by a broker or attorney in a trust account. Be sure your account has sufficient funds to cover this deposit.

​

 Note: This deposit will be cashed and applied toward your home purchase. If the transaction doesn’t proceed, you may be eligible for a refund (minus standard cancellation fees). However, some contracts allow the seller to retain this deposit as liquidated damages—so it’s wise to consult your attorney before signing.

​

Understanding the Escrow Timeline
 

Most escrow periods last around 30 days, though this can vary. During this time, all terms outlined in your contract must be completed satisfactorily. Common contingencies include:

​

1. Home Inspection Contingency
   Schedule your inspection early. If the results are unsatisfactory, you may have the right to withdraw from the contract.
    

2. Financing Contingency
   You’ll have a limited timeframe to secure your mortgage. If financing cannot be obtained within that window and no extension is granted, you’ll need to choose whether to cancel the contract or proceed at your own risk.
    

3. Clear Title Requirement
   The seller must provide a marketable title. Review the title report with a real estate attorney or title officer to ensure no legal issues affect your ownership rights. Also, verify compliance with any state or local property transfer requirements.
    

4. Homeowner’s Insurance
   Most lenders require proof of insurance before closing. Start this process early—especially if your home is in an area that may require special coverage (e.g., flood, fire, or earthquake).
    

5. Utility Services
   Coordinate with local utility companies in advance so service is ready on the day escrow closes.
    

6. Final Walk-Through
   Just before closing, inspect the home to confirm it matches the terms of your contract. Ensure all agreed-upon fixtures and features are present—what you assume is staying may have been replaced.
    

Welcome Home!

Once all steps are complete and the sale is officially closed, you are the proud owner of a new home!
Congratulations on this major milestone—we’re honored to be part of your journey.