Step 24 to Buying a Home: The Close of Escrow
You’ve finally made it to the end – only two more steps to go. Now comes the painful one; parting with your hard earned dollars. It’s time to pay the down payment and the closing costs.
Your Escrow Officer will already have sent you an estimate of the amount need to close escrow. You now need to wire the funds. This must happen the day before we are scheduled to close escrow!
IMPORTANT: DO NOT follow wire transfer instructions unless they were sent to you by your Escrow Officer. I would strongly advise a phone call to your Escrow Officer to confirm these details in person before making the wire transfer.
So, what exactly is the Close of Escrow? It’s the point at which the Grant Deed (the document that shows who owns the property) and other papers are recorded with the County Recorder, the moment at which it becomes public record.
Los Angeles County is a large county, did you know it is larger than North Carolina, the 10th most populous state in the nation? The County Recorder has many documents recording each day and many tittle companies wishing to record those documents. I order to make the system fair, they rotate the order in which those title companies get to record their documents. Thus, it’s impossible to give an accurate estimate of exactly when the recording will be accomplished. It could be as early as 10 AM or as late as 5 PM before we get the official word.
For this reason, I would encourage you to anticipate word at the end of the business day, if we hear sooner than that, it will be a pleasant surprise!
If the purchase agreement we negotiated included transfer on the day of close of escrow, you will now get your keys and move in. However, if we negotiated for the seller to remain in possession for three or more days, you will receive your keys at that time.
Go back to Step 23 to Buying a Home: Attend the Walk Through, go forward to Step 25 to Buying a Home: Securing Your New Home.