109 - How Escrow Works

In this episode we talk about how escrow works. When you’ve made a final offer on a home and reached an agreement with the seller, you start the escrow process in which a neutral third party manages funds and assets, and ensures all conditions of the sale are met before the property changes hands.

Topics covered include:

• When escrow officially starts
• The mindset a first-time homebuyer should have during escrow
• Who is responsible for identifying an escrow company to use, whether a homebuyer can choose the escrow company, and who contacts the escrow company to open an account
• What title search and title insurance are
• What kind of contact the homebuyer can expect to have with their lender
• Whether it’s common for sellers pay for a home warranty for the first year
• What happens at document signing

Our Guest:

• Lynn Bishop, Escrow Officer at Placer Title Company