An escrow transaction is a process where a neutral third party holds onto important documents and funds related to a real estate transaction until all of the terms of the agreement have been met. This ensures that the transaction is completed smoothly and that all parties involved are protected.

The escrow process typically takes 20 to 30 days to close, from the time the offer on a property is accepted to when the property is recorded with the county records. During this time, there are several steps that need to be taken by both the buyer and the seller, as well as their respective agents and any mortgage lenders involved.

On the loan side, there are several tasks that need to be completed in order to finalize the mortgage. This may include submitting the loan application to underwriting for review, ordering an appraisal of the property to determine its value, and getting quotes for homeowner's insurance.

In addition to these tasks, the realtor working with the buyer will also need to coordinate a home inspection to ensure that the property is in good condition and does not have any major issues that need to be addressed. This is an important step for the buyer to take, as it can help identify any potential problems that could affect the value of the property or the terms of the sale.

Throughout the escrow process, it is important for all parties to communicate and keep each other informed of any developments or issues that may arise. By working together and following the proper procedures, the escrow process can be completed smoothly and efficiently, resulting in a successful real estate transaction for all parties involved.