Understanding the Escrow Process and Requirements

Escrow is a homebuying stage after an offer is accepted, involving steps like opening an escrow account, lender appraisal, securing financing, approving seller disclosures, and obtaining inspections. Buyers must purchase hazard insurance and review title reports. A final walk-through and closing complete the process. FHA loans require ongoing escrow for taxes and insurance. Escrow funds protect all parties until conditions are met and the sale closes.