Find out what escrow means in Washington state and how it works.
Similar to California and Arizona, Washington state also uses escrow when buying or selling real estate.
Escrow is required in Washington state whenever buying and selling property. The title and escrow company ensures that a neutral third-party oversees and confirms the financial portion of the property transaction.
The escrow process in Washington state generally ranges between 30 and 60 days. Timeframes vary occasionally depending on various factors, from the buyer or the seller to the complexity of the property purchase.
Escrow fees in Washington state are generally about 1-3% of the property's total purchase price. Endpoint offers one flat, low rate of $800 per side regardless of the price of the home.
Escrow laws can be confusing, especially when you have little experience with buying or selling property. To understand the escrow laws in Washington state, their state government compiled an extensive resource guide for residents.
The only people who can perform escrow services in Washington state are those who have a certified state license. After obtaining an escrow officer license through the Washington State Department of Financial Institutions, a person or business can then perform escrow services.
If you want to become an escrow officer in Washington state or form a title and escrow company, you must take the Escrow Officer Examination. After passing the test you can then apply for an escrow officer license through the Washington State Department of Financial Institutions.