Buying or selling in Clark County and wondering what escrow actually does? You are not alone. The word shows up in every offer, yet the process can feel invisible until the last week. In this guide, you will learn what escrow means in Washington, who does what, how the timeline usually runs, and how your money and documents are handled from offer to keys. Let’s dive in.
What escrow means in Washington
In Washington, a neutral escrow agent at a title or escrow company manages the closing process. The escrow officer follows the purchase and sale agreement and any lender instructions. Their job is to hold funds in trust, coordinate documents, and make sure all contract conditions are met before money changes hands.
Unlike states where attorneys run closings, Washington relies on escrow officers and the county to record deeds. Escrow and title companies are licensed and regulated, and federal mortgage disclosure rules apply when a loan is involved.
Who does what in Clark County escrow
Escrow officer
- Opens escrow and holds your earnest money in a trust account.
- Prepares closing statements, collects payoffs and prorations, and coordinates signatures and notarizations.
- Sends documents for recording with the Clark County Auditor and disburses funds when all conditions are satisfied.
Title company
- Searches public records and issues a preliminary title report showing ownership, liens, easements, and exceptions.
- Provides title insurance that protects the buyer and lender against covered title defects that may arise after closing.
- Often operates under the same roof as escrow, but the functions are distinct.
Lender (if you finance)
- Orders the appraisal, sets loan conditions, and supplies loan documents and funding instructions.
- Must deliver your Closing Disclosure at least three business days before consummation when applicable.
Buyer and seller
- Provide signatures and required documents, meet contingency deadlines, and deliver funds.
- Work with your agent to keep timelines on track.
Real estate brokers
- Negotiate terms, advise on local norms, coordinate inspections and access, and deliver documents to escrow.
County offices
- Clark County Auditor records deeds, deeds of trust, and liens at closing.
- Clark County Assessor maintains property tax records used for prorations and future obligations.
Core documents you will see
- Purchase and Sale Agreement and escrow instructions.
- Earnest money receipt.
- Preliminary title report.
- Inspection reports and any repair addenda.
- Appraisal report (if financed).
- Loan package and the Closing Disclosure.
- Deed for recording.
- Final settlement statement and title insurance documents.
Typical timeline to closing
Most financed purchases close in about 30 days. Cash deals can be faster, often 7 to 21 days, depending on the contract. Your lender’s conditions and the agreed timelines drive the pace.
Here is a simple 30-day example:
- Day 0: Offer accepted and escrow opens.
- Day 0–3: Buyer deposits earnest money per the contract; title search begins and preliminary title report is issued.
- Day 1–10: Inspection period; buyers inspect and negotiate repairs or credits.
- Day 3–14: Buyer finalizes loan application; lender orders the appraisal.
- Day 10–20: Appraisal completed; underwriting continues.
- Day 15–27: Contingencies are removed per contract deadlines.
- Day 24–30: Escrow prepares final figures; buyer receives the Closing Disclosure at least three business days before closing when financed.
- Closing day: Sign, fund, record with the Clark County Auditor, and transfer keys per the contract.
Earnest money basics in Clark County
Earnest money shows good faith and secures the contract. The exact amount is negotiated, and in practice you often see a modest percentage of the price. The purchase agreement sets when it is due, commonly within 1 to 3 business days of mutual acceptance.
Escrow holds the funds in a trust account while contingencies are open. If you cancel under a valid contingency, the contract controls how the money is released. If there is a dispute, escrow may hold the funds until you and the other party sign a mutual release or a court directs disbursement.
Title search and insurance essentials
Your preliminary title report lists the current owner, liens, easements, covenants, and exceptions. Any outstanding liens or judgments must be resolved before the lender will fund. Escrow coordinates payoffs and title curatives as needed.
Title insurance protects against covered defects. Lenders require a loan policy. An owner’s policy is often recommended to protect your ownership. Who pays for which policy is negotiable and will be shown on your settlement statement.
How closing day works
Escrow will schedule signing and verify your identity for notarizations. The lender wires funds to escrow once all conditions are met. Escrow then disburses money to the seller and any lien holders and instructs the Clark County Auditor to record the deed and any deed of trust.
Recording usually happens the same day funds are released or shortly after. Per your contract, keys change hands when escrow confirms recording and funding.
Wire safety: avoid fraud
Wire fraud is a real risk. Before sending any funds:
- Call the escrow company using a phone number you already have or can independently verify. Do not rely on numbers in an email that includes wire instructions.
- Confirm the account name and routing details verbally.
- Consider sending a small test wire first if your bank allows and time permits.
- Re-verify instructions if any last-minute changes appear by email.
Who picks escrow and who pays what
The purchase agreement decides who selects the title and escrow company. Either side can propose a provider, and local custom can vary. Escrow, title, recording fees, and insurance premiums are negotiable and will be itemized on your settlement statement.
To avoid surprises, review your draft figures early. Ask escrow for an estimate once you are under contract and ask your lender to explain how lender fees, prepaid items, and tax prorations will appear.
Simple checklists
Buyer checklist
- Read your contract dates for inspections, appraisal, and financing.
- Deposit earnest money on time and keep your receipt.
- Complete inspections promptly and send any repair requests in writing.
- Provide lender documents quickly and follow appraisal updates.
- Review your Closing Disclosure at least three business days before closing.
- Verify wire instructions by phone and plan your final funds transfer.
- Bring ID to signing and confirm key transfer timing with your agent.
Seller checklist
- Provide escrow with your mortgage information for payoff requests.
- Gather HOA contacts and dues details if applicable.
- Complete agreed repairs and share receipts or contractor invoices.
- Review the preliminary title report and address any liens early.
- Confirm your net sheet and how you will receive funds at closing.
- Keep utilities on through the day of possession per the contract.
When to ask for help
If a title exception appears, a payoff looks off, or a deadline is approaching, speak up. Your escrow officer can explain documents and timelines. Your broker can walk you through strategy and contract rights. For specific legal interpretations or disputes, consider consulting an attorney.
Ready to coordinate a smooth closing in Clark County? Connect with Marjie Van Der Laan for a personalized plan from offer to keys.
FAQs
In Clark County escrow, who chooses the title and escrow company?
- The purchase agreement controls selection and either party can propose a provider; your agent can suggest experienced local firms.
When is earnest money due for a Clark County home purchase?
- The contract sets the deadline, and a common local practice is within 1 to 3 business days of mutual acceptance.
How long does escrow take for a financed purchase in Clark County?
- Many residential transactions close in about 30 days, while cash deals can finish in 7 to 21 days depending on terms and readiness.
What happens if the title report shows a lien or other issue?
- Escrow and title will identify the exception, then the parties work to clear or cure it; serious defects can delay or derail closing.
What protections do I have when I get my Closing Disclosure?
- Federal rules generally require delivery at least three business days before consummation, giving you time to review figures and ask questions.
How are keys handled on closing day in Clark County?
- Keys transfer per your contract after escrow confirms funding and the Clark County Auditor records the deed.
