Escrow’s main role in the transaction is to be the neutral third party who makes sure the transaction proceeds as per the purchase and sale agreement. That means they collect and deposit earnest money and then apply that earnest money to the financial side of the transaction, verify that all documents are collected and contingencies met, and arrange for the signing and transfer of ownership.
Although everyone’s transaction process is a bit different depending on what you are buying, where you are buying it and how you are buying it, it is important to note that it is rarely simply a matter of finding a house, writing an offer, taking money to closing, and moving in. There are many important steps that must be adhered to and, in addition to my following up, escrow also shoulders a lot of responsibility to get the transaction to close.
Check out the flowchart and learn more about escrow’s responsibility.