Buying or selling in Westlake Village and hearing the word “escrow” over and over? You are not alone. Escrow is the engine that moves your deal from accepted offer to keys or proceeds, and in our area there are a few local twists to know. In this guide, you will learn what escrow is in California, how a typical timeline unfolds, which funds and documents move through escrow, and the local county and HOA factors that can affect timing and cost. Let’s dive in.
Escrow basics in California
Escrow is a neutral third party that holds funds and documents until all contract conditions are met. The escrow officer follows written instructions from both sides and coordinates closing steps with title, the lender, and any HOA. This structure protects you by ensuring the deed and the money trade hands only when all requirements are satisfied.
Escrow officers coordinate with a title company that researches the property’s ownership and issues title insurance at closing. If you are financing, your lender sets funding conditions that escrow must meet before money is released. Escrow is governed by state law and industry standards, title insurance is regulated at the state level, and federally required mortgage disclosures apply to loan transactions.
Westlake Village specifics at a glance
Westlake Village can record in Los Angeles County or Ventura County, depending on the property address. Confirming the correct county early helps you avoid surprises with forms, transfer taxes, and recording timelines. Both counties use e‑recording, but processing times can vary, which can affect the exact day your purchase or sale officially records.
Many Westlake Village homes are in planned or gated communities with HOAs or even master associations. Expect an HOA estoppel package, CC&R review, and possible resale or transfer fees. Waterfront and lake‑adjacent properties may involve additional inspections or permits, so build that into your contingency planning.
The step‑by‑step escrow timeline
A typical financed escrow in Southern California runs about 30 to 45 days. All‑cash can be faster, often 7 to 21 days, depending on contingencies and title. Your purchase agreement sets the exact timeline and deadlines.
1) Contract acceptance
Both parties sign the purchase agreement. Contingency periods and the escrow length are defined here. Your agent will help you calendar key dates from day one.
2) Open escrow
Your agent opens escrow with the agreed escrow or title company and submits the signed contract. Escrow assigns a file number and issues opening instructions.
3) Earnest money deposit
You wire or deliver the initial deposit to escrow per the contract. Escrow logs the funds and holds them securely until closing or cancellation under the contract terms.
4) Title search and prelim report
The title company issues a preliminary title report showing liens, easements, and requirements to close. Review this early so any title exceptions can be resolved without delaying funding.
5) Seller disclosures and inspections
The seller provides required California disclosures such as the Transfer Disclosure Statement and Natural Hazard Disclosure, plus any other mandated forms. You schedule inspections such as general home, pest, roof, pool, or site‑specific specialists as needed.
6) Loan processing and appraisal
If you are financing, the lender orders an appraisal and completes underwriting. This step often drives the overall timeline, and it can take 21 to 45 days depending on your file and lender.
7) HOA, payoffs, and repairs
Escrow requests HOA estoppel statements and governing documents if applicable. The seller’s liens and loans are verified and payoff demands are obtained. If inspections surfaced issues, you and the seller finalize repairs or credits.
8) Contingency removals and final walk‑through
By the deadlines in your contract, you remove contingencies such as inspection and loan. Shortly before funding, you complete a final walk‑through to confirm the property’s condition.
9) Funding, recording, and disbursement
For financed purchases, the lender wires funds to escrow and provides funding instructions. Escrow records the deed with the correct county recorder, pays off liens, and disburses net proceeds to the seller and any vendors.
10) Post‑closing
Escrow sends final settlement statements. Title issues the owner’s and lender’s title policies. Utilities and HOA accounts shift to the new owner according to local procedures.
Funds you will see in escrow
- Earnest money deposit and your remaining cash to close
- Lender loan proceeds if financing
- Seller mortgage payoffs, tax liens, or other lien payoffs
- Prorations for property taxes, HOA dues, and sometimes utilities
- Title insurance premiums, escrow fees, and recording fees
- Transfer taxes as required by the recording county and any municipality
Who pays each cost is set by your contract and local custom. Your settlement statement will itemize these charges so you can review and approve before signing.
Key documents that move through escrow
- Fully executed purchase agreement and escrow instructions
- Preliminary title report and final title policy requirements
- Grant deed from seller to buyer
- Loan documents and the Closing Disclosure for financed buyers
- Seller disclosures, including TDS, NHD, and any required addenda
- HOA estoppel and governing documents if the home is in an association
- Payoff demands for existing mortgages or liens
- FIRPTA certification if a seller is a foreign person
- Proof of homeowner’s insurance required by most lenders before funding
Local nuances that affect timing and cost
- County of record. Westlake Village properties can record in Los Angeles County or Ventura County. The county determines where documents record, which transfer taxes apply, and any local forms. Confirm the county early to prevent closing‑day surprises.
- HOA packet timing. Some associations need several business days to produce full estoppel and CC&R packets. Ordering early helps you keep contingencies on track.
- Specialty inspections. Lakefront or unique site features may require added inspections or permit checks. Plan time for specialists if the property warrants it.
Common escrow problems and how to avoid them
- Late HOA documents. Ask escrow and your agent to request HOA documents immediately after opening. Build in time to review them.
- Title exceptions. Old liens, easements, or unreleased mortgages can surface. Your agent and escrow can work with title to clear or insure over issues.
- Appraisal gap or loan delays. If value and contract price differ, you may need a price adjustment or additional funds. Your agent can negotiate options and keep underwriting moving by coordinating documents and appraisal access.
- Wire fraud attempts. Never act on wiring instructions received by email without verifying by phone using a known, trusted number. When in doubt, call your escrow officer directly.
- Settlement statement surprises. Review your draft statement early so any proration or fee questions are resolved before signing.
How a concierge agent keeps you on track
A high‑touch agent acts as your project manager from contract to recording.
- Timeline and checklists. You receive a clear calendar for deposits, inspections, contingency removals, and target funding dates.
- Early ordering. Title, HOA estoppels, and payoff demands are requested right away so issues surface early.
- Lender liaison. Your agent tracks appraisal scheduling, underwriting needs, and closing conditions to prevent last‑minute delays.
- Vendor coordination. Inspectors, contractors, pest specialists, and mobile notaries are scheduled quickly so you stay on pace.
- Funds safety. You get clear wire‑verification steps and reminders to call escrow to confirm instructions before sending any money.
- Final walk‑through and documentation. Repairs and credits are documented, and your walk‑through is timed to fund on schedule.
Smart safeguards for your closing funds
- Always confirm wiring instructions directly with your escrow officer by phone before sending funds.
- Use your bank’s verified transfer protocols and send a small test wire if time allows.
- Re‑confirm any changes to wiring instructions by phone. Escrow instructions rarely change.
- Share updates only through known, secure channels. Do not click links or call numbers inside unexpected emails.
What to expect on costs and who pays
Escrow, title insurance, recording, and transfer taxes are standard line items. In our area, the split for these items is set in your purchase agreement and local custom, and it can vary by county. Your escrow officer will present a settlement statement with exact figures and prorations before you sign so you can review and ask questions.
Thinking about your next move?
If you want a smooth, private, and well‑managed closing in Westlake Village, you deserve a concierge approach that anticipates issues before they become obstacles. For tailored guidance and a discreet conversation about your goals, reach out to the team at Michelle Price Realty Group.
FAQs
What is escrow in a California home sale?
- It is a neutral process where an escrow company holds funds and documents and releases them only when all contract conditions are met, including clear title and lender funding if applicable.
How long does escrow take in Westlake Village?
- Financed purchases commonly close in about 30 to 45 days. All‑cash deals can close faster, often 7 to 21 days, depending on contingencies and title.
Who chooses the escrow and title company?
- Selection is negotiated in the purchase agreement. Either side can propose a company, and the opening party submits the contract to start escrow.
What is a preliminary title report?
- It is an early title document listing current ownership, liens, easements, and items that must be cleared or addressed before closing.
Why do HOA documents matter in Westlake Village?
- Many homes are in HOAs or master associations. The estoppel and CC&R package outlines rules, fees, and financials, which you should review before removing contingencies.
How are transfer taxes handled locally?
- Transfer taxes depend on the county of record and any municipal rules. Because Westlake Village can record in Los Angeles or Ventura County, confirm the correct county early in escrow.
How do I protect my wire transfer to escrow?
- Call your escrow officer using a known phone number to verify instructions before sending funds. Do not rely on email instructions without verbal confirmation.
