Earnest money laws in washington state

FAQs About Earnest Money Deposits in Washington State

Overview Washington state's escrow process is similar to other states where an escrow agent is used to complete the transaction. The buyer's funds are held by a neutral third party, as is the purchase contract, until an escrow agent verifies that both parties have performed their roles in the transaction The escrow company will notify the seller's agent when the title has recorded, and the seller's agent will usually then deliver the keys to the buyer's agent or the buyer.

Step by Step Part 1: Disclosures, inspections and credits These are the initial tasks once a buyer is in contract, and are most often done in parallel to Part 2: It's best to start as early as possible and be ready to produce lots of documentation.

The following is the general process in Washington:. The closing process itself can span a couple of days or even a week, and in contrast to attorney review states , the transaction is not consummated with all parties sitting at the same table.

In Washington, an escrow state , closing consists of the following steps:.

Revised Code of Washington (RCW)

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