Within the construction industry as their overdraft

A real estate transaction typically requires 30 to 45 days to complete, after a written contract containing all the terms and conditions of the sale of a property is signed by the buyer and the seller. After this contract is established, escrow is opened.

Once escrow is opened, the officer will order a title search of the property and order a payoff statement to establish if there are any liens or encumbrances against the property. The officer will execute the necessary documents to complete both the title and payoff processes. After the conditions of the contract have been satisfied, all funds and documents are disbursed and the property is officially transferred to the new owner.