Escrow is like purgatory. It is that process, that time period that extends between contract acceptance and your entry into the pearly gates, I mean, the front doors of your new home. Some see it as a sort of penance they must serve, with seemingly needless and strange hoops to jump through for the privilege of home ownership. Others view it as a delicious opportunity to perfect their financial and other lifestyle elements - automating their bill payments, cutting out extraneous spending, tossing those old college textbooks you know you will never crack open again in this life and the monogrammed LL Bean backpack with the big blue ink stain - for homeownership and to learn as much as possible about their home-to-be. No matter what your religion, even if you're an atheist or a Buddhist in real life, try to assume the Protestant view of escrow!

So what exactly happens during escrow? Three major things:

• Deposits - Your escrow holder or closing agent collects a bunch of stuff from a bunch of people: money from you and your lender, the deed from the seller, documents from both agents, both parties, and both lenders, etc. and so forth;
  
  
• Due Diligence - Your RealtorŪ and you do everything necessary for you to be fully informed about the property and its condition, and to make sure that your lender gives a final thumbs up before moving forward. This piece is all about reviewing inspection reports and disclosures, and the process of making sure the lender's underwriter is satisfied with everything - about you and about the property;
  
  
• Performance, Exchange & Closing - You and the seller both do everything you agreed to do in the contract, and sign a pile of papers. Once that's complete, the escrow or closing agent exchanges money for ownership, and you become the proud owner of a home!