Escrow Planning Timeline
- Day 0: The contract is accepted by both parties/acceptance is confirmed.
- Day 1: The first day AFTER acceptance. All contingencies based on "days after acceptance" or similar wording start on this day.
- Day 3: The last day your deposit can be delivered to Escrow. Your deposit will be held by the Escrow company in a non-interest bearing account and applied towards your down payment. A contract default.
- Day 10: The last day you can complete your discovery inspections, including written notification to the seller's agent of any disapproval's, based on your discovery inspections. A contract default.
- COE minus 5-10 Days: The time frame when you will sign your loan documents at your Escrow Officer's office. The earlier the better so that the loan funding date is not delayed. (Don't forget to order insurance.)
- COE minus 5 Days: The first day you can perform your final walk-through of the property to ensure it is in an acceptable condition. A contract default
- COE minus 5 Days: Don't forget to order your utilities turned on.
- COE minus 2-3 Days: The normal time frame in which you will be required to bring or electronically transfer* the balance of monies due from you to close Escrow (balance of down payment/closing costs).
- COE minus 1 Day: Loan funding day. Your lender provides funds to Escrow so that your purchase can occur. If funds don't arrive, escrow closing will be delayed (possibly with a penalty to you).
- COE (Close of Escrow): The day escrow closes. Deed recording at the County Recorder's Office occurs. You now own your home. When you can physically occupy your home is specified in the contract.
* Remember that an electronic transfer can take as long as two days. Make sure you have discussed the method of transfer, time frames and $ requirements with your Escrow Officer before this date.
Escrow time periods are typically 30-45 days, beginning on day 1. The seller will provide to you, either through us or Escrow (if ordered through a third party), disclosures such as the TDS-14, CC&R's, Pest Control Report, Natural Hazards Disclosure, Environmental Hazards Booklet, etc. Time periods for the disclosures are governed by your Deposit Receipt (Contract). You have a responsibility to review these disclosures and/or acknowledge receipt of these documents in a timely fashion. Your right to disapprove any of these documents is also governed by your Contract. The same requirement applies to acknowledging and returning your Escrow instructions.
Ordering your private inspection(s) and your right to provide the seller with any disapprovals as a result of the inspection(s) is of the highest priority. The time period for the inspections is governed by your contract. Do not delay your discovery.