After The Sign Off
What’s next after completion of the sign-off?
After you and the buyer have signed all the necessary instructions and documents, the escrow officer willl return them to the new lender for final review. Following the review, which usually occurs within a few days, the lender is ready to fund completed to record the documents and “close” the escrow.
What is “escrow closing”?
It signifies legal transfer of title to the property from the seller to the buyer and is the culmination of the transaction.
When do I receive proceeds from the sale?
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. 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.
After The Close
What happens after escrow closes?
After the loan has been finalized, the documents signed and recorded, and the financial settlement completed, there are still several steps which must be accomplished to complete the transaction.
Your existing loan is being paid in full from the escrow. Your lender is requifed by law to issue a full reconveyance of their loan. As soon as the deed of reconveyance removing the previous Deed of Trust is received, it should be recorded and the original returned to you. This may take several weeks. However, you need not be concerned by this delay since it is normal.
What happens to funds held in escrow?
In some cases, the escrow holder will be instructed to hold funds in escrow to pay off obligations which may not be completed until after escrow closes. An example might be a set-aside of funds to correct a structural problem, remodeling or termite repair work. Upon completion of the project and receipt of the proper documentation and releases, the escrow officer will disburse the reserved funds.
