How Escrow Works For Redmond Homebuyers

Buying a home in Redmond is exciting, but once your offer is accepted, a new chapter begins: escrow. It can feel unfamiliar, especially if this is your first purchase or you are relocating on a tight timeline. In this guide, you will learn what happens from mutual acceptance to recording, who does what, what you pay, and how to keep your funds safe. Let’s dive in.

Escrow timeline in Redmond

Escrow is the neutral process that gathers documents and money, verifies details, and transfers ownership. Here is the typical flow for Redmond and broader King County:

1. Mutual acceptance. Your offer is signed by both parties and becomes a contract.
2. Escrow opened. A title/escrow company creates your file and assigns an escrow officer.
3. Earnest money deposit. You deliver funds to escrow per the contract, often within 1–3 business days.
4. Contingencies. Inspection, appraisal, loan underwriting, and seller disclosures run on set timelines.
5. Title search. The title company identifies any liens, easements, or issues and issues a preliminary report.
6. Loan processing. The lender orders the appraisal, reviews your documents, and clears conditions.
7. Closing package. You receive the Closing Disclosure. Escrow prepares the settlement statements.
8. Signing. Buyer and seller sign at the escrow/title office or via approved remote options.
9. Funding and recording. The lender wires funds, escrow disburses, and the deed records with King County.
10. Keys and possession. You receive keys based on the possession terms in your contract.

Key timing checkpoints

• Escrow length is commonly around 30 days, but your contract and loan needs may set 14–21 days or 45+ days.
• Inspection windows often run 5–14 days after mutual acceptance.
• Loan contingency and clear-to-close often occur by days 21–30.
• Federal rules require the lender to deliver your Closing Disclosure at least three business days before closing.

What can delay closing

• Title defects or liens that need clearing.
• An appraisal below the contract price.
• Underwriting conditions not satisfied, such as updated income docs or HOA review.
• Inspection issues where repair negotiations stall.

Who does what in escrow

Understanding roles helps you know who to call and when.

• Escrow/title company. Opens escrow, holds and disburses funds based on written instructions, prepares settlement statements, coordinates signing, orders the title search, and handles recording. Escrow is a neutral party and does not give legal advice.
• Title examiner/insurer. Reviews public records, identifies liens or defects, and issues title insurance policies for the buyer and the lender.
• Lender. Discloses loan terms, orders the appraisal, underwrites your file, and wires loan funds to escrow once conditions are cleared.
• Buyer’s and seller’s agents. Guide negotiations, coordinate access, and keep the parties on track, but do not perform escrow duties.
• King County Recorder. Records the deed and related documents, which makes the transfer official in public records.

Your money during escrow

Buying a home involves deposits, closing costs, insurance, and prorations. Here is how to track each piece.

Earnest money deposit

• Your contract sets the amount and deadline. Many buyers deposit within 1–3 business days after mutual acceptance.
• Escrow holds the funds and applies them to your down payment and/or closing costs at closing.
• Keep your escrow receipt as proof of deposit.

Closing funds and typical costs

You will see the exact numbers on your Closing Disclosure and escrow settlement statement. Common items include:

• Down payment. The difference between purchase price and your loan amount.
• Lender charges. Origination, underwriting, and other loan fees. The appraisal fee is often paid earlier.
• Escrow/closing and recording fees. Fees to process the closing and record documents with King County.
• Prepaids and prorations. Homeowner’s insurance, prepaid mortgage interest, property tax prorations, and any HOA-related charges.

Confirm with escrow which payment forms are acceptable. For larger amounts, expect to wire funds or use a cashier’s check. Personal checks usually are not accepted for closing-day balances.

Title insurance

Two one-time policies protect ownership and the lender’s interest:

• Owner’s policy. Protects you against covered title defects not found in the search.
• Lender’s policy. Protects your lender’s lien priority.

Who pays is negotiable in our area. Local custom in the Seattle–Bellevue–Redmond market varies by contract and market conditions, so review your purchase agreement and ask your escrow officer how your file allocates fees.

Prorations and payment flows

• Property taxes, HOA dues, and certain utilities are prorated as of the closing date.
• Washington’s real estate excise tax is typically a seller-side cost. Escrow calculates and collects all required taxes and fees at closing.

Wire-fraud safety

Wire transfers are common for closing funds, and fraud attempts are a known risk. Protect yourself by following these steps:

• Always call your escrow/title company using a trusted, independently verified phone number to confirm wiring instructions.
• Do not rely on email-only instructions. Verify by phone immediately before sending funds.
• Keep written proof of the final wiring instructions and your bank’s confirmation.

Signing and closing day

Knowing what happens on closing day reduces stress and surprises.

Where you sign

Most buyers sign at a local title/escrow office in Redmond or nearby. Some companies offer mobile notaries, remote signing, or e-sign options. Certain documents may still require in-person notarization, so set expectations early with your escrow officer and lender.

What you sign

Expect a stack, especially if you are financing:

• Promissory note and deed of trust for your loan.
• Closing Disclosure acknowledgment.
• Escrow settlement statements and instructions.
• Homeowner’s insurance declarations, affidavits, and required tax forms.
• Loan-specific documents your lender requires.

What to bring

• Government-issued photo ID for each signing buyer.
• Proof of homeowner’s insurance (binder or declarations page).
• Wire confirmation if you sent funds.
• Any additional items your lender or escrow requested in advance.

Funding, recording, and keys

After signing, your lender wires funds to escrow when all conditions are met. Escrow then submits documents for recording with King County. Recording often happens the same business day funds arrive. Once recorded, the transfer is official, escrow disburses funds, and keys are released per your contract’s possession terms.

King County specifics to know

A few local practices can affect timing and to-dos in Redmond:

• Electronic recording. King County supports eRecording, which many title companies use to streamline recording.
• HOA and condo documents. Redmond has many condos and planned communities. Expect escrow/title to obtain CC&Rs, rules, and estoppel documents. Your lender may review HOA documents as part of underwriting.
• Property tax timing. Washington’s billing schedule affects how taxes are prorated. Ask escrow which proration basis applies to your closing date.
• Who pays what. Allocation of title and escrow fees can vary by neighborhood and market conditions. Your contract governs, so confirm with your agent and escrow officer.

Simple buyer checklist

• Confirm your escrow/title company and get your escrow officer’s direct contact info.
• Deliver earnest money on time and save your receipt.
• Schedule inspections early and submit repair requests within your contingency deadline.
• Respond quickly to lender document requests and track appraisal timing.
• Order homeowner’s insurance and provide proof to your lender before closing.
• Ask escrow for an estimated settlement statement 48–72 hours before signing.
• Review your Closing Disclosure. Remember the three-business-day rule before consummation.
• Verify wiring instructions by calling escrow, then send funds using the approved method.
• Bring valid ID to signing and plan for a final walk-through 24–72 hours before closing.

How we help you close with confidence

You do not have to navigate escrow alone. With local Eastside expertise and a clear, step-by-step approach, you can move from acceptance to keys with fewer surprises. Our team tracks your milestones, coordinates with escrow and your lender, and keeps you informed so you feel prepared at every step.

Ready for a smooth Redmond closing? Connect with Vidya Vadakoot to schedule your free consultation. We will walk you through your timeline, review your Closing Disclosure, and set you up for a confident day of signing.

FAQs

How long does escrow typically take in Redmond?

• Many purchases close in about 30 days, but the contract, loan type, and contingencies can set shorter timelines around 14–21 days or longer at 45+ days.

When will I receive my Closing Disclosure?

• Your lender must deliver the Closing Disclosure at least three business days before closing, which gives you time to review final costs and terms.

Who pays for title insurance in King County?

• It is negotiable. Local custom varies, so check your purchase agreement and confirm with your escrow officer how your file allocates the owner’s and lender’s policies.

Can I sign if I am out of town on closing week?

• Often yes. Many title companies support remote signing, e-sign for some documents, or a power of attorney arranged in advance with escrow and your lender.

When do I get the keys to my Redmond home?

• Most buyers receive keys after escrow records the deed and disburses funds, unless the contract sets a different possession time such as a seller rent-back.

What happens if the appraisal comes in low?

• You can renegotiate price, add cash to cover the gap, or work with your lender on a reconsideration or second appraisal, depending on your contract and loan.

How are property taxes and HOA dues handled at closing?

• Escrow prorates taxes, HOA dues, and certain utilities as of the closing date and collects or credits the appropriate amounts on your settlement statements.