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, QSCÂ®
Certified Distressed Property Expert â€“ CDPEÂ®
Short Sale & Foreclosure Resource â€“ SFRÂ®
Certified HAFA Specialist â€“ CHSÂ®
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RE/MAX Palos Verdes Realty
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.
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.
Century 21 Beachside