How long is escrow involved?
The escrow period is a negotiable time period. The beginning of escrow starts when your offer is accepted. The end of escrow is when your loan "funds" and the money is dispersed appropriately to all parties involved. Your name is also recorded with the county as the new owner of the property. Your title insurance company takes care of this. When escrow closes, the property is yours and you can move in.

What is title insurance?
Title to the property is similar to the pink slip on the car. Whoever has the pink slip on the car is the owner. Title is the same; whoever is on title is the owner of the property. Title insurance insures you against anybody who used to be on title. For instance, let's say you bought your home from John Doe. He sold the property to you as a single man, and title is now in your name. However, Jane Doe comes around a while later as John's sister/wife/ex-wife. She says that she was on title, and she never signed the contract selling the home, therefore, she claims she is still on title. This is called clouding title. Title insurance protects you from this happening…it insures you from the point you purchase the policy BACKWARDS. There are different types of Title insurance (CLTA & ALTA). Be sure you know which kind you are purchasing. This is almost always a requirement of a lending institution loaning you the money for the home. You (the buyer) pay for this in your loan; it is part of your "closing costs."

What is a contingency period?
A contingency period is an amount of time you are given to do your "due diligence" as a buyer. Because you are buying the property, you are give time to do some homework to see if the home meets your expectations. You can do any number of inspections, including, but not eliminated to, a roof inspection, a pest inspection, a geological inspection, a mold inspection, or a home inspection. There are many more inspections you can choose to perform, but remember, you pay for all inspections! Generally, contingency periods are 17 days or less.

What is a home inspection?
This is generally the first inspection you will do. An inspector will come out and look at the home in great detail, and note for you all the things that should be fixed immediately or in the near future. He/she will also point out the things which appear to be fine. Based on this recommendation, you may choose to get other inspections. For instance, if the inspector says the roof looks really old and sees signs of a leak, they will recommend getting a roof inspector to come out for a more detailed inspection. Once the inspector points out the recommended repairs, we ask the seller to make some or all of the changes. When requesting the repairs you wish to be fixed, it is worth noting that the purpose for the inspection is to bring attention to the health and safety issues, and generally not cosmetic issues. Hence, the seller is under no obligation to fix anything except what is required by law. If they will not fix what you want, you can cancel the contract, and exit the deal with your entire earnest money deposit. If you want the home anyway, you may have to just take the home "as is." Your REALTOR will help you negotiate this part of the deal. The cost of this inspection depends on the size of the home. They start at around $250, and are paid by you (the buyer.)

Can I bring a personal check to escrow for my funds to close?
No, you must bring a cashier's check or a certified check for closing. This is to insure that the funds are truly available…it's equivalent to cash. You must also take this money to escrow about 4-5 business days before the close of escrow.