What Happens After You Sign

What Happens After You Sign

Details, Details…

Hold on…it’s not a done deal yet!

After the signing, escrow prepares the loan package for your lender and express delivers that package to them for final review. This can take 24 to 48 hours at the lenders and depends on the lender’s requirements.

Once the lender has final approval of your documents, they are ready to “fund” the loan. They notify escrow that funds have been wired. When escrow is advised that the wired funds have been received…Close of escrow (recording) takes place!

After the Close
Seller-Your existing loan is being paid in full. Your lender is required 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, which is normal.

Buyer-The keys to your new home will be released to you after close of escrow. Your real estate agent will make the necessary arrangements so that the keys will be available to you as escrow does not hold the keys for release. Unless otherwise specified in the Purchase Contract, possession takes place after close of escrow (Recording of the deeds).

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.

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 reversed funds.

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