Escrow: Now What?
The escrow process when purchasing a home in Spokane, WA is a vital step in ensuring that the transaction is completed successfully. Escrow is opened after a buyer and seller have a mutually accepted contract, they will typically open an escrow account with either a Title Company or Attorney. The escrow company will hold the buyer's earnest money deposit and other relevant funds until all conditions of the sale are met. During this time buyer and seller will work to satisfy contingencies, such as home inspections and financing approval. Once all conditions have been met, the escrow company will release the funds to the seller and transfer the title to the buyer. The escrow process helps to protect both parties and ensure that transaction is conducted in a fair and transparent manner. Watch the video below as our very own Chad Kennedy sits down with Matt Underwood from First Choice Loan Centers to discuss the escrow process.
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