An escrow is a deposit of funds, a deed or other instrument by one party for the delivery to another party upon completion of a specific condition or event. It is an independent neutral account by which the interests of all parties to the transaction are protected.

When opening an escrow, the buyer and seller of a piece of property establish terms and conditions for the transfer of ownership of that property. These terms and conditions are given to a third, impartial party known as the escrow holder. The escrow holder has the responsibility of seeing that the terms are carried out.

How Do I Open an Escrow?

Generally, the buyer's or seller's real estate agent will open the escrow. As soon as you complete the purchase agreement, the agent will place the buyer's initial deposit, if any, into the escrow account at a title company or into the real estate broker's account.

What Do I Need toBring to Sign Escrow Papers?

• Proper identification, either a valid driver's license, state identification card or current passport with you to the title company. 

What's the Next Step After I've Signed the Closing Escrow Papers? After both parties have signed all the necessary instructions and documents, the escrow officer will return the buyer's loan documents to the lender for final review. After the review is completed, the lender is ready to fund the buyer's loan and informs the escrow officer. How Long is an Escrow? The length is determined by the terms of the purchase agreement and can range from a few days to several months. What is an "Escrow Closing"? An escrow closing is the culmination of a transaction. It signifies legal transfer of title from the seller to the buyer. The final closing papers are disbursed upon close of escrow, when the escrow officer verifies with the County Records Office that the documents have recorded, and legal transfer has occurred.