Jenny, Home Buyer in Nora Springs, IA

Should our cash buyer be putting his cash into the escrow before we, the sellers, sign title over in the state of California?

Asked by Jenny, Nora Springs, IA Tue Aug 21, 2012

My broker and real estate agent are not communicating well with me to get my questions answered. Our cash buyer wants to put the funds into escrow the day after we sign title a few days before closing. This is California, it is still the wild, wild west. Can I just ask the escrow officer to request that funds be deposited in escrow prior to us signing?

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1
Hi Jenny,

The Standard Residential Purchase Agreement, page 1 of 8, Section 3, sub-section E reflects "balance of purchase price or down payment in the amount of _________________ to be deposited with Escrow Holder within sufficient time to close escrow". This deposit of remaining Buyer funds to close the escrow must take place prior to the Deed being recorded with the county recorder. Only after the recording of the deed does title to the home transfer to the Buyer's. I hope this answers your question. Good luck on the closing.

Warmest Regards,

Matt

http://www.matthewbartlettrealestate.com
0 votes Thank Flag Link Tue Aug 21, 2012
Yes Mr. Bartlett, I believe this helps me very much. I will look at our copy that we have electronically for this statement. Thank you for telling me where it is and being so specific in explaining it. That helps. Thank you for your time.
Flag Tue Aug 21, 2012
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