Aneta, Real Estate Pro in Murrieta, CA

close of escrow?

Asked by Aneta, Murrieta, CA Tue Jan 29, 2013

Does close of escrow include funding, recording and transfer of funds to seller? Or does it mean just funding from buyer bank and recording?

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Answers

9
Steve Colvin’s answer
Yes all of the above. In order,
1. Funding
2. Recording
3. Transfer of funds (sometimes this could be the next day or if Friday could be Monday). Usually escrow is 1-2 days behind on disbursements
0 votes Thank Flag Link Wed Feb 13, 2013
Hmmmm I am not sure Dana is correct on that. I think it means it has recorded. The transfer of money to the seller can only happen after the property is recorded. Usually we think of recording as being closed.
Interesting question. Is there something behind your question you need to know?
Connie Bramble
Prudential CA Realty
714-337-8718
DRE 898302
0 votes Thank Flag Link Tue Jan 29, 2013
It means the transfer is compleated and everything has to be finished by then. Everything...
Good luck,
Monika
0 votes Thank Flag Link Tue Jan 29, 2013
Yes, close of escrow is when the deal is complete and recorded.
0 votes Thank Flag Link Tue Jan 29, 2013
Yes, all three above will officially close the transaction and change ownership.
0 votes Thank Flag Link Tue Jan 29, 2013
Yes all of the above. All criteria have been met by the buyer and seller and all the funds from the buyer have been transferred to seller and the home has been recorded.
0 votes Thank Flag Link Tue Jan 29, 2013
Aneta,
If you check with your broker they should help educate you in these things. There are also online courses through the board that you can take on a variety of topics that wll help you with your real estate business.
0 votes Thank Flag Link Tue Jan 29, 2013
Close of esrow means the transaction is complete. Buyer recieves keys and the home, seller recieves their funds an everyone is happy!
My best advice to you is to call escrow. They work for you, being that you are paying them. They should be able to answer all your questions.

Best,

Alex Vargas
Weichert Realtors
(714) 269-8775 Mobile
DRE#01332235

http://www.AlexSellsSoCal.Com

AlexVargas2009@gmail.com
0 votes Thank Flag Link Tue Jan 29, 2013
All of the above, everything you mentioned.
0 votes Thank Flag Link Tue Jan 29, 2013
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