Home Selling in San Pedro>Question Details

Sue Fisher, Home Buyer in Rio Rancho, NM

should I get a check on the day of the closing?

Asked by Sue Fisher, Rio Rancho, NM Wed Aug 18, 2010

My real estate agent told me that I should not expect to get a check on the "closing day". Everything I have read states that I should get my check on that day. Can they delay the payment?

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6
John Juarez’s answer
Hi, Sue,

Since you dispute your agent’s answer, why don’t you contact the people who are processing the paperwork. That would be the escrow or title company. They should be able to give you the correct answer.
0 votes Thank Flag Link Wed Aug 18, 2010
Hey Sue - just as a point of information (although not relevant in NM)..........if you should ever move to NJ, and then sell a house - you WILL get your check on the day of the closing - no waiting time here!!

Good luck!
0 votes Thank Flag Link Wed Aug 18, 2010
Sue:

I will answer your question based on the assumption that you are the seller, even though your profile shows you as a Home Buyer.

This is the usual timeline for closing a sale escrow:
1. Buyer's loan funds (day 1)
2. Sale records with the County Recorder's office (day 2 - since San Pedro is in LA County and LA County will not do a "same day" recording)
3. Escrow closed the file and distributes the funds (day 2 or day 3 - this depends on when the sale records and the workload of the escrow company).

So the answer is - it is possible that you would get your funds on the day of closing / recording, however, it is also possible that this won't happen until the following day. If you want your funds right away, you might want to instruct escrow to wire the funds to you (you will have to pay the wire fees). Otherwise, they will cut you a check and mail it to you. Hope this helps you understand the procedure. Dare to Dream.

Shel-lee Davis, QSC®
Certified Distressed Property Expert – CDPE®
Short Sale & Foreclosure Resource – SFR®
Certified HAFA Specialist – CHS®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
http://shel-lee.listingbook.com
0 votes Thank Flag Link Wed Aug 18, 2010
Hi Sue,

Its not really a delay. Your agent is correct. The escrow officer needs to wait until the deed is recorded to get all FINAL numbers from the title company who is responsible for the recording. Once they have those figures your escrow officer can "balance" the file and make sure you get the exact amount of the proceeds you are entitled to. The escrow companies are subject to very strict rules/laws because they are entrusted with your funds. Better they not RUSH and make mistakes. We are in California and this is our procedure. I'm not sure if you use escrow companies in NMm but I imagine the basics are the same. In any event, there should not really be more than a day delay.
0 votes Thank Flag Link Wed Aug 18, 2010
Hi Sue,

The escrow co. may take a day or two to distribute the funds. Call your escrow officer and talk to them. They are your escrow agent and will respond to you.

Sincerely,

Homa Moaddel
Century 21 Beachside
(949)637-3845
http://www.homaochomes.com
Web Reference: http://www.homaochomes.com
0 votes Thank Flag Link Wed Aug 18, 2010
good afternoon...yes, you should get your check at the closing...but there could be a slight delay for the title/escrow company to recv a funding number in order to disburse....once the mortgage and real estate docs are signed, the lender (if there is one) has to recvd a copy of certain particular ones to review, sign off and release the funds...if it does close in escrow...it will have to disburse within 24 hours...you may have to come back the following day, you may not have to..good luck....
best regards
bob mcclure
mortgage one
brighton, michigan
0 votes Thank Flag Link Wed Aug 18, 2010
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