| After you and the
buyer have signed all the necessary instructions and
documents, the escrow officer will return them to the new
lender for a final review. Following the review, which usually
occurs within a few days, the lender is ready to fund the
buyer's loan and advises the escrow officer, so that the
necessary work can be completed to record the documents and
"close" the escrow.
What
is an "escrow closing"?
It signifies legal transfer
of title to the property from the seller to the buyer and is
the culmination of the transaction. Usually the Grant Deed and
Deed of Trust are recorded within one working day of
the escrow's receipt of loan funds. This completes the
transaction and signifies the "close of escrow."
Once all the conditions of the escrow have been satisfied, the
escrow officer advises you of the date the escrow will close
and takes care of the technical and financial details,
including paying off your loan.
When
will I receive the proceeds from the sale?
A final settlement statement
and a check for the proceeds will be available to you the day
the sale is completed, documents are recorded and the escrow
is closed. |
