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The term escrow means depositing money and property with a neutral third party to be disbursed upon completion of all terms of a related agreement. Each state has its own process for escrow. Some states use attorneys to act as the escrow agent while others use title insurance companies. If you’re in a wet funding state, you, the seller, and the escrow agent all pick a day to meet and sign the paperwork at one time. In a dry funding state, such as California, you each execute the paperwork on your own or with a notary public over several days before the actual closing date.

The escrow period can be anywhere from 30 days to 6 months depending upon the needs and negotiations of you and your seller. Your real-estate agent helps guide you through the closing process. If you don’t have a real-estate agent, then the escrow agent will be your best guide. You can find good escrow agents through referrals from real-estate agents, loan officers, and friends. Most are well trained, so unless your transaction is extremely complicated, you should be able to go with someone you simply find personable.