Escrow & Closing: The Final Steps Explained
Escrow is the secure holding zone for your real estate transaction. It begins when the buyer and seller agree to terms and sign a purchase contract. A neutral third party—usually an escrow company or title company—manages the process to ensure everything is completed properly and on time.
One of the first steps is the buyer submitting an earnest money deposit, which shows serious intent to purchase. This deposit is held in escrow until closing and is applied toward the buyer’s final costs.
Throughout escrow, the company coordinates key tasks: ordering title reports, managing contingencies, and arranging for the signing of buyer and seller documents. These include the deed, loan paperwork, and final disclosures. Once everything is signed and funds are transferred, the escrow officer records the change of ownership with the county—officially making the buyer the new owner.
In markets like Berkeley, Oakland, and the East Bay, escrow typically lasts 21–30 days, but timelines can vary. Your agent will guide you through each step, ensuring deadlines are met and any issues are resolved quickly.