How Escrow Works In Newbury Park

You found the right home in Newbury Park and your offer is accepted. Now what happens between “yes” and getting the keys? Escrow can feel like a maze the first time you go through it, especially with deadlines, documents, and funds moving at once.

You want clarity, calm, and a clear timeline. This guide breaks down how escrow works in Newbury Park, what to expect at each step, how earnest money and contingencies work, and how to avoid common delays. You will finish with a practical checklist you can follow from day one. Let’s dive in.

Escrow basics in Newbury Park

Escrow is a neutral third party that holds funds and documents, follows written instructions from both sides, and coordinates the transfer of ownership. The escrow holder works with your lender and the title company, collects your funds, prepares closing papers, and submits the deed for recording in Ventura County once conditions are met.

Most financed purchases in the Conejo Valley close in about 30-45 days. Cash purchases can close faster, often within 7-21 days. Your exact timeline is negotiated in the contract and may be shorter or longer based on readiness and market conditions.

Typical escrow timeline at a glance

Below is a common sequence for a financed purchase using standard California timeframes. Your contract controls the actual dates.

Day 0: Offer accepted and open escrow

• You and the seller sign the purchase agreement.
• You send your earnest money deposit to escrow per the contract, often within 1-3 business days.
• Escrow opens the file and issues a receipt once funds and instructions are received.

Days 1-3: Early setup and orders

• Escrow requests the preliminary title report and seller disclosures.
• If there is an HOA, HOA documents are requested early.
• You schedule inspections and confirm your lender has everything needed to start underwriting.

Days 1-17: Inspections and disclosures

• A 10-17 day inspection period is common, with 17 days often used in California forms.
• You complete home, termite, roof, pool, septic, or other needed inspections.
• You review seller disclosures, the Natural Hazard Disclosure, and any HOA documents.
• Before the inspection deadline, you remove the contingency, request repairs or credits, or cancel per the contract.

Up to day 21: Loan and appraisal

• A 21-day loan contingency is common, though it can be negotiated.
• Your lender orders the appraisal, which is generally completed within the loan contingency window.
• If the appraisal is low, you may negotiate, bring additional cash, or use your contingency rights per the contract.

Concurrent: Title review and clearing items

• The preliminary title report lists recorded items like liens, easements, and CC&Rs.
• Escrow coordinates payoffs and any releases needed to deliver clear title.
• You review the report and raise any concerns early.

Final loan approval and removing loan contingency

• Underwriting issues a clear-to-close when conditions are met.
• You remove the loan contingency when your lender gives the green light per the contract timeline.

Week of closing: Walkthrough, signing, funding, recording

• You conduct a final walkthrough 24-48 hours before closing to confirm condition.
• You sign loan and closing documents and send the remaining funds via cashier’s check or wire.
• The lender funds, escrow balances the file, then submits the deed for recording with Ventura County.
• After recording and disbursement, you receive the keys unless the contract sets a different possession date.

Earnest money explained

Your earnest money deposit (EMD) shows good faith and becomes part of your funds at closing. In Newbury Park, typical amounts vary by price and competition. Many buyers deposit 1-3 percent of the purchase price. In a stable market, $5,000-$25,000 on mid-price homes is common.

• Timing: Most contracts require delivery within 1-3 business days after acceptance.
• Where it goes: Escrow holds your EMD in a trust account.
• If you cancel: If you cancel within a valid contingency period, you are typically entitled to a refund per the contract. If you default without contractual cause, the seller may seek to keep the deposit or pursue remedies per the agreement.

Title and title insurance

The title company issues a preliminary title report that lists what affects ownership, such as liens, easements, CC&Rs, and tax status. Escrow works to remove or satisfy items that must be cleared before closing.

There are two types of title insurance:

• Lender’s policy protects the lender’s interest and is required if you finance.
• Owner’s policy protects your ownership. In many Southern California deals, sellers customarily pay for the owner’s policy, while buyers pay for the lender’s policy and some transaction fees. This is a custom, not a rule, and the contract controls who pays what.

Common local issues include old liens, judgments, unpaid taxes, or unreleased mortgages. Escrow coordinates payoffs and releases so the deed can record cleanly.

Contingencies you will manage

• Inspection contingency: General home, termite, roof, HVAC, pool, septic, and other specialty inspections as needed.
• Loan contingency: Mortgage approval and appraisal within the agreed period, often around 21 days.
• Appraisal contingency: Sometimes separate, sometimes part of the loan contingency.
• Title contingency: Your right to cancel if unacceptable title issues cannot be corrected.
• HOA document review: For condos and HOA homes, you typically receive CC&Rs, budgets, minutes, and rules. Review periods are often 3-10 business days, subject to your contract.
• Statutory disclosures: You review the Transfer Disclosure Statement, Natural Hazard Disclosure, any lead-based paint disclosure for older homes, and other required forms early in escrow.

Ventura County specifics to know

• Recording: Escrow submits the grant deed and, if applicable, the deed of trust to the Ventura County Recorder. Recording fees are paid at closing.
• Property taxes and proration: Taxes are prorated as of the closing date. Any special assessments are disclosed and prorated as applicable.
• HOA timing: Many Newbury Park homes are in HOAs. Request HOA documents early, since transfer fees or application steps can add days to your timeline.
• Fee customs: It is common to split escrow fees and for the seller to pay the owner’s title policy, but all fee allocations are negotiable and must match your contract and closing statement.

Smart buyer tips to stay on track

• Get documents ready early: Have your preapproval or proof of funds, recent pay stubs, W-2s, bank statements, and ID.
• Protect your funds: Only use written instructions from escrow, and verify wire details by calling a known phone number. Do not rely on email alone.
• Book inspections day one: Schedules fill quickly. Prioritize general, termite, and any property-specific inspections.
• Keep communication clear: Confirm a single point of contact, ask escrow for a target timeline, and use secure upload portals when available.
• Watch deadlines: Review contingency dates as soon as escrow opens. If you need more time, request an extension in writing before the deadline.
• Final walkthrough: Confirm agreed repairs are complete and gather receipts.
• Closing funds: Confirm final figures with escrow the day before signing. Send “good funds” via wire or cashier’s check as instructed.

Quick checklist for Newbury Park buyers

• Get lender preapproval and proof of funds before writing offers.
• Deliver earnest money promptly and confirm receipt.
• Schedule and complete inspections within the contingency window.
• Provide lender documents quickly and follow up on conditions.
• Review the preliminary title report and raise questions early.
• Verify wiring instructions by phone before sending funds.
• Do a final walkthrough and confirm repairs.
• Confirm recording details and property tax proration with escrow.

Your next step

Escrow moves smoothly when you know the milestones, protect your funds, and communicate clearly. With a calm, numbers-forward approach, you can meet deadlines, manage contingencies, and close with confidence in Newbury Park and across the Conejo Valley.

If you want a clear plan tailored to your timeline and financing, connect with Julia Kanesawa for a complimentary consultation and a step-by-step escrow roadmap.

FAQs

How long does escrow take in Newbury Park?

• Most financed purchases close in about 30-45 days, while cash deals often close in 7-21 days, subject to your contract and readiness.

When do you get the keys after closing in Ventura County?

• After the deed records with the county and funds are disbursed, unless your contract sets a different possession date.

How much earnest money is typical for a Newbury Park home?

• Many buyers deposit 1-3 percent of the price; in a stable market, $5,000-$25,000 on mid-price homes is common, with final terms set by your contract.

What if the appraisal comes in low during escrow?

• You can renegotiate price, bring additional cash, or exercise your rights under an appraisal or loan contingency, depending on your agreement.

Who chooses the escrow and title company in the Conejo Valley?

• The choice is negotiable; either party can propose a company, and both sides must agree in the contract.

How are title and closing costs split in Southern California?

• It is common for sellers to pay the owner’s title policy and buyers to pay the lender’s policy and some fees, but every item is negotiable and governed by your contract.