Opening for escrow
The escrow period begins at contract acceptance and ends at the close of escrow. Close of escrow (commonly referred to as COE) is technically the moment the deed of the home is recorded into your name, and is legally yours.
An escrow or title company is employed to essentially take care of the accounting part of the real estate transaction. They function as an unbiased party in the transaction, using the existing terms and conditions of the purchase contract as the escrow instructions. An escrow officer will be assigned to handle your transaction, with assistance from their associates.
There are a number of fees incurred by the escrow or title company. The party responsible for paying these fees is negotiated and agreed upon in steps 2 and 3.
During the escrow period, both buyer and seller will receive many important documents relating to the transaction. Contact your REALTOR and escrow officer for guidance and recommendations as to how to properly handle these documents.