What happens after your offer gets accepted in Downtown Seattle? If you are new to Washington real estate or relocating for work, the escrow process can feel complex. You want a smooth closing, clear steps, and confidence that your money and documents are handled safely. This guide gives you a simple, local roadmap from mutual acceptance through funding and recording so you know what to expect at every turn. Let’s dive in.
Escrow basics in Washington
Escrow is a neutral third party that holds funds and documents while everyone completes the contract terms. When all conditions are met, escrow coordinates the final exchange so the seller transfers title and the buyer’s funds are disbursed.
Key points to know:
- Escrow follows the signed purchase agreement and written instructions from buyer, seller, lender, and agents.
- Escrow is neutral and cannot give legal advice.
- In Washington, escrow is often handled by a title and escrow company or a licensed escrow firm.
Who does what
- Buyer: deposits earnest money, completes inspections and contingencies, provides loan info and closing funds, signs documents.
- Seller: provides disclosures, completes agreed repairs or credits, delivers a deed with clear title, signs documents.
- Buyer and listing agents: send the contract to escrow and title, coordinate timelines, and help distribute disclosures and HOA documents.
- Escrow officer: opens escrow, holds funds, prepares settlement statements, coordinates payoffs and title, schedules signings, disburses funds, and instructs recording.
- Title company: searches title, issues a title commitment and insurance policies, and helps clear title issues.
- Lender: orders appraisal, underwrites the loan, clears closing conditions, and wires loan funds to escrow when ready.
- County Recorder: records the deed and mortgage; this is what officially transfers title.
Step-by-step Seattle escrow timeline
Most Seattle purchases close in about 30 days. Some close in 21 days, while others take up to 45 days based on financing, inspections, and condo or HOA timelines. Your contract sets the exact dates.
1) Mutual acceptance (day 0)
Everyone signs the accepted offer. Agents usually deliver the fully signed contract to escrow and title within 24 to 72 hours.
2) Open escrow and earnest money (within 1–3 business days)
Escrow opens the file, receives your earnest money, and issues opening instructions. You will get confirmation when the deposit is received.
3) Title search and commitment (first week)
Title reviews recorded documents and issues a title commitment with liens, easements, and exceptions. Any curative steps for the seller start here.
4) Inspections and contingencies (commonly 7–14 days)
Schedule inspections right away. You may request repairs or credits. Removing the inspection contingency is a major milestone.
5) Loan, appraisal, and underwriting (varies)
Submit your loan documents quickly. The lender orders an appraisal, reviews title, and clears conditions. If the appraisal is low, you may renegotiate price, bring in extra funds, or consider options with your lender.
6) Title curative work (throughout escrow)
The seller resolves title issues and payoffs. Timing can affect your closing date, so early review helps.
7) Closing documents and signing (last 2–5 days)
Escrow prepares your settlement statements and closing package. You sign your documents. Lenders may require wet signatures on some forms.
8) Funding and recording
The lender wires funds to escrow. You provide your cash to close by verified wire or cashier’s check per escrow instructions. Escrow pays off liens and requests recording with the county. Recording makes the transfer official.
9) Post-closing
You receive keys per the contract, often after recording. The title company issues owner and lender title policies shortly after.
Money, deposits, and closing costs
Earnest money
- Purpose: shows good faith and is credited toward your purchase or closing costs at closing.
- Where it goes: usually to the escrow or title company, or sometimes a broker trust account, as specified in the contract.
- Release rules: escrow applies deposits at closing or releases funds only according to written instructions such as a mutual release or a legal decision based on the contract.
Funding and wire safety
- Lenders typically wire funds directly to escrow.
- You bring your cash to close by wire or cashier’s check following escrow’s written instructions.
- Protect yourself from wire fraud. Always call the escrow company at a verified phone number to confirm routing before you send any wire.
Who pays which fees
The contract controls this. Local custom varies. Common fees include escrow and title charges, recording fees, prorations for taxes, utilities, or HOA dues, and lender costs. Your final Closing Disclosure or settlement statement will itemize each line.
Prorations and payoffs
Escrow prorates property taxes, HOA dues, and utilities through the closing date. Seller payoffs for mortgages or liens are calculated and paid at funding.
King County and Downtown specifics
Downtown Seattle has a high share of condominiums and mixed-use buildings. That means HOA documents and estoppel letters are a frequent source of delay. Build time into your contract for HOA processing.
What to expect locally:
- Condo and HOA timelines: resale certificates and estoppel letters can take several business days to a couple weeks.
- E-recording: King County supports electronic recording, which can speed up same-day recording when funding arrives early enough.
- Older urban parcels: older easements or lot line matters can appear on title and may require curative steps.
- Municipal items: utility or municipal liens sometimes show on title and need resolution before closing.
Keep your closing on track
Use this simple checklist.
Right after mutual acceptance
- Send the signed contract to the chosen escrow and title company.
- Deliver your earnest money on time.
- Submit your loan application to your lender.
- Sellers: provide disclosures and any available HOA documents.
Early in escrow
- Review the title commitment for liens and exceptions.
- Book inspections immediately. For condos, request the resale package and estoppel right away.
Mid-escrow
- Respond quickly to lender requests for documents.
- Negotiate and sign any repair agreements or credits.
Final days
- Confirm your final cash to close amount and verify wiring instructions by phone with escrow.
- Review your Closing Disclosure or settlement statement and ask questions.
- Schedule signing and confirm key exchange timing per the contract.
After closing
- Receive confirmation of recording and a copy of the recorded deed.
- Expect your title insurance policy shortly after.
Signing, funding, and getting the keys
In King County, recording typically happens the same day funds are confirmed, especially with e-recording. Keys are delivered based on your contract, often after recording is confirmed. Watch for these milestone updates from your team: earnest money received, title commitment issued, inspection removed, loan clear to close, funding confirmed, and recording complete.
Ready for a smooth, on-time close in Seattle? For clear communication, tight timelines, and an experienced, owner-led process, connect with Ryan Rockwell and the Seattle Rockwell Properties team.
FAQs
What is escrow in Washington real estate?
- Escrow is a neutral third party that holds funds and documents, follows the signed contract and instructions, and coordinates the final exchange when all conditions are met.
How long does escrow take in Seattle?
- Many transactions close in about 30 days, with a range of roughly 21 to 45 days depending on inspections, loan timelines, condo or HOA processing, and negotiations.
Who holds earnest money and how is it used?
- The escrow or title company typically holds earnest money, and it is usually credited to your purchase price or closing costs at closing per the contract.
What happens if the appraisal is low?
- You and the seller may renegotiate price, you may bring additional funds, or your lender may adjust options based on underwriting; outcomes depend on your contract and loan.
How do funding and recording work in King County?
- After you and the lender deliver funds, escrow verifies payoffs and submits documents for recording; recording transfers title on the public record, then escrow disburses funds.
What commonly delays Downtown Seattle condo closings?
- HOA resale certificates, estoppel letters, and association financial or document reviews can add several days to a couple weeks, so request them early.
Who pays title insurance and escrow fees in Seattle?
- It varies by contract and local custom; your settlement statement will itemize who pays for the owner’s and lender’s title policies, escrow fees, recording, and prorations.
