This blog post aims to unravel the legal intricacies and potential consequences of backing out of an escrow contract in California's real estate market. Once you accept an offer on your home, escrow will open.Here is everything you need to know about the escrow process for sellers. It depends on which County the property is in. In Orange County, CA, you can fund and record the same day. If the seller refuses to release the money from escrow, the parties should lawyer up as soon as possible. How long does an escrow take to complete? When the property insurance or taxes are due, the bank will withdraw funds from the escrow account to pay the costs. It is possible for a buyer to back out of a signed real estate contract with a seller, but there may be serious consequences. Once your offer on a new home has been accepted, you will open escrow.