Home Buying in 92614>Question Details

Arun, Home Buyer in Irvine, CA

what is a closed sale?

Asked by Arun, Irvine, CA Mon Sep 24, 2012

Help the community by answering this question:

Answers

7
BEST ANSWER
"Closed sale" means that the loan, (if not an all cash transaction), has been funded and the property recorded. We're fortunate in Orange County because recording can take place on the same day as the funding. Elsewhere there is at least a one-day delay.
1 vote Thank Flag Link Mon Sep 24, 2012
Hi Debbie,
This seems to make sense as the property that I am looking at is still not closed. This seems to make more sense to me. Thanks a lot!
Flag Mon Sep 24, 2012
It is when a transaction between a buyer and seller becomes official. The Seller receives their money, the buyers the keys to the house and all the documentstion (mortgage, deed etc) is filed at the court house in the county where the property is located.
0 votes Thank Flag Link Sun Oct 7, 2012
It means that the home has officially recorded with the County Recorders office.
0 votes Thank Flag Link Sun Oct 7, 2012
Closed sale means Escrow is closed with a condition all the closing cost as well as the funds for buying a house is funded by a buyer. The title is than transferred into new owner ' s name.
0 votes Thank Flag Link Mon Sep 24, 2012
A closed sale is a home that's been SOLD.
0 votes Thank Flag Link Mon Sep 24, 2012
What the agent said below is true. Once all the conditions of a real estate transaction have been met, funds have transferred and the deed is recorded with the county is when a sale is closed. That could be in one day or more depending upon the area and the transaction.
0 votes Thank Flag Link Mon Sep 24, 2012
Thanks a lot for the reply. I am actually in the process of buying a certain property and we are still in escrow. We still are some days from close of escrow. However the listing is coming up as "SOLD" or "Closed Sale". It is surprising that the listing has already been updated that way. Any thoughts?
Flag Mon Sep 24, 2012
The proper phrase is CLOSE of ESCROW;
That is when the SALE becomes COMPLETE, FULFILLED and FINAL; the Escrow closes because all conditions have been met. Three days later, it will be recorded.
0 votes Thank Flag Link Mon Sep 24, 2012
Thanks a lot for the reply. I am actually in the process of buying a certain property and we are still in escrow. We still are some days from close of escrow. However the listing is coming up as "SOLD" or "Closed Sale". It is surprising that the listing has already been updated that way. Any thoughts?
Flag Mon Sep 24, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer