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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 required by law to issue a full
reconveyance (release) 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.
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.
Helpful
Reminders
- If
you wish to transfer funds to
another escrow or wire
transfer funds, arrangements
must be made in advance with
the escrow officer.
- In
the event that you wish to use
a Power of Attorney,
arrangements must be made one
to two weeks in advance with
the escrow officer, and the
Power of Attorney must be
approved by the buyer's lender
and escrow. These arrangements
should be made as early as
possible in the transaction.
- Please
bring appropriate
identification (for example, a
valid driver's license or
passport) with you to the
title company, so that your
identity can be verified by
the notary public.
- Should
the funds deposited in escrow
be insufficient for closing,
you will need to bring a
cashier's check or certified
check to the title company for
the remainder of the purchase
price. Either type of check
should be from a California
bank or savings and loan and
should be issued in the exact
amount of the balance due. The
amount of the balance may be
obtained by phoning the escrow
officer prior to signing the
papers. The check should be
made payable to your title
company.
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