how long can you be in escrow is there a deadline?
2007-06-04 10:20:44 · 3 answers · asked by liz d 1 in Business & Finance ➔ Renting & Real Estate
The sellers specify the time - it was, or will be, in your offer "close of escrow on 00/00/07" Most likely 30 days so everyone involved has time to get their work done, from finalizing the loan, to inspections and repairs. The loan companies seem to always find last minute stuff that they need taken care of or credit problems that need to be taken care of.
2007-06-04 10:27:07 · answer #1 · answered by justwondering 6 · 0⤊ 0⤋
Escrow is a third party that collect the necessary items from a group of individuals that want to complete a transaction but don't have the necessary skills or time as well as trust to complete the transaction.
In real estate the escrow collects the necessary deeds to be signed, assist with collecting the funds and distributing it to the right individuals. They also ensure that details of the sales agreement is met prior to closing.
Escrow closing is determined by the seller and buyer. An escrow can be as shorter as one day and as long 2-3 years.
The normal time for a real estate closing on a common transfer of title, loan approval from opening to closing is not over 90 days but most of the time is 45-60 days in duration.
Loan documents are signed when all the conditions required of the underwriter has been made and completed. You mortgage broker should be able to give you the date you will be signing your loan docs. He will set this time up with the lender, yourself as well as a doc signer is doc signing is not gonna be with the escrow closing agent or title company.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-06-04 10:34:59 · answer #2 · answered by loanmasterone 7 · 0⤊ 0⤋
Hi I am an agent. Go to the site below, click BUYERS and then download the report (free) on any issue you have.
But to answer your question, escrow can be any time period you like.
2007-06-04 12:38:06 · answer #3 · answered by Workfortoday 3 · 0⤊ 0⤋