Escrow is the stretch between “your offer was accepted” and “here are your keys.” A neutral third party — an escrow or title company — holds the documents and money until everyone has done their part. A typical financed purchase takes around 30 days; cash purchases can be faster. Exact steps and deadlines depend on your contract and your state, so your agent's timeline is always the one to follow.
1. Offer accepted and escrow opened
Both sides sign, and the escrow or title company opens a file. From here, contract deadlines start counting — usually in days from acceptance.
2. Earnest money deposit
Within the first few days you deposit your good-faith money with escrow. It normally goes toward your purchase at closing. Whether it's refundable if the deal falls apart depends on your contract and contingencies — ask your agent, or read how earnest money works.
Before sending any money, call the escrow company at a number you already trust to confirm the wiring instructions. Never use instructions that arrive by email alone. The wire fraud checklist covers the rest.
3. Disclosures and inspection
The seller provides disclosures about the home's condition, and you schedule a home inspection. Afterward you and your agent review the report and decide whether to ask for repairs or credits. This window has a deadline — missing it usually means accepting the home as-is.
4. Appraisal
If you're financing, your lender orders an appraisal to confirm the home is worth the loan amount. If it comes in low, the parties may renegotiate, you may cover the difference, or the contract may allow you to cancel — your agent will walk you through the options.
5. Loan underwriting and approval
The lender verifies your income, assets and the property. Expect requests for documents — respond quickly, because this is where most delays happen. It's also often the quietest stretch, which is normal.
- Don't open new credit or make large purchases until after closing.
- Don't move large sums between accounts without telling your lender.
- Keep an eye on your email for document requests.
6. Home insurance and title
You'll arrange homeowners insurance (your lender needs proof), while the title company checks the property's ownership history for liens and prepares title insurance.
7. Clear to close and the closing disclosure
“Clear to close” means underwriting is finished. You'll receive a closing disclosure listing your final numbers — review it carefully and compare it with your loan estimate. Federal rules generally require you to receive it at least three business days before closing on most mortgages.
8. Final walkthrough
Usually a day or two before closing, you visit the home to confirm it's in the agreed condition and that any agreed repairs were made.
9. Signing, funding, recording — keys
You sign the final documents, your funds and the loan are sent to escrow, and the sale is recorded with the county. Depending on your state, signing and the official closing can be a day or two apart. Once it records, the home is yours.
Many agents now give clients a live board for this whole process — so you can see which step you're on, what's next and what you need to do, any time, without waiting for a call back.