| 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.
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