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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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