When does the seller get paid after closing?

Asked by 4532, 95350 Sat Jan 7, 2012

What is the closing timeline for the seller? I am signing docs next week and the deed will record a couple of days later. The buyer officially owns the home that day but how long will my money usually sit in escrow before they distribute it to me?

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The Medford…, Agent, Fremont, CA
Tue Jan 10, 2012
As stated below, funds can be disbursed the same day it closes. We always suggest to our sellers that they give wiring instructions to title so that you are not waiting for a check. If escrow closes early enough in the day, you can have your funds confirmed wired to your account the same day.
3 votes
Matthew Bart…, Agent, Glendora, CA
Mon Jan 9, 2012
Hi 4532,

Escrow typically begins the process of distributing the funds once they have received confirmation from the Title Company that the deed has recorded. I recommend that you contact escrow and request in writing that the funds be direct deposited into your account. This will allow for you to receive the funds faster and you will have access to said funds right away once they hit your account. Should you recieve a check the bank may put a hold on the check for up to 10 business days. Congrats on your sale!

Warmest Regards,

3 votes
Laura Coffey, Agent, Santa Clarita, CA
Sat Jan 7, 2012
As long as escrow has all your signed escrow documentation , including how you want funds released you should receive your money within 24-48 business hours. Once the house records the escrow officer has to balance the file to distribute all checks. Title companies take turns as to who is in line first to record so if your last in line on a Friday it's possible you won't get your money right away.
1. Check with escrow that they know how you want your money.
2. Ask them their turn time to balance a file and issue funds
3. Ask your agent or escrow officer to check with title to see where you are in line the day you are scheduled to close
Hope that helps
Web Reference:  http://Www.laura4homes.com
2 votes
Alain Picard, Agent, Puyallup, WA
Sat Jan 7, 2012
A lot of escrow companies will allow you to pick up your check the same day that it closes. If they mail it you might not see it for a couple of days.
1 vote
Michelle Car…, Agent, Coppertino, AL
Sat Jan 7, 2012
Your money is available the day escrow records, usually recording is next business day after funding. If you ask for wire transfer of proceeds cash is I your account day it records.
1 vote
Porshanita, Home Buyer, Modesto, CA
Wed Nov 1, 2017
How long does goverment pay the seller
0 votes
Homesbylaura…, Home Buyer, Modesto, CA
Wed Oct 25, 2017
Who gets the funds on sellers end at closing of escrow, is it the person holding title?
0 votes
Jspruce, Home Buyer, Modesto, CA
Wed Sep 20, 2017
is there a certain amount time to determine if a creditor is owed money? If so, what is it for the state of Alabama?
0 votes
Jmlancaster, Home Buyer, Modesto, CA
Fri May 5, 2017
I sold my house settlement was on wednesday at 11am and on friday still no funds in my account is this right John
0 votes
Pwasham5, Home Buyer, Modesto, CA
Mon Apr 24, 2017
Someone sold my house and I need legal help on my rights please can you help me
0 votes
You need to consult with an attorney to answer your question. Lawyers cannot give legal advice online specific to your case and realtors are not attorneys and prohibited from giving legal advice.
Flag Mon Apr 24, 2017
Pwasham5, Home Buyer, Modesto, CA
Mon Apr 24, 2017
how can I find my money that is owed after the sale of my house I was out of town and someone sold my house without my signature how do I find out who sold my house and where is my money
0 votes
How can your house be sold without your signature? Did somebody have Power of Attorney? Was your home for sale? The issue is how did the deed / title get transferred without your signature? How did the deed / title get recorded as a new sale with your county? I would start talking with a lawyer.
Flag Mon Apr 24, 2017
Sandiw, Home Buyer, Modesto, CA
Wed Jun 29, 2016
We are in the process of selling our home. We were told by our agent that we have to wait 3 days after closing to receive our funds in case they change their mind. I just dont get it! It makes no sense that you would have to move back in if we already closed. We live in NW Arkansas.
0 votes
Realtors are out for their best financial interest; they please the seller in the beginning but once near closing they try to win the buyer which is not a problem but they do it at the expense of the seller; asking for more repairs after closing.
Flag Wed Jan 4, 2017
ronscoupe, Home Owner, Oxford, MA
Tue Apr 26, 2016
Last 3 realtors lied to me to protect their interests. Too long a story to delve into. The short version I'll never trust a realtor again. They tell you that they are not acting as dual agency.......when they are !
0 votes
Not all of them! I'm a Realtor and I always put my clients interests first. I know many other Realtors who do the same. Try moving to Eugene, Oregon!
Flag Mon Oct 31, 2016
Roland Vinya…, Agent, Sprakers, NY
Sat Jan 7, 2012
Normally there is no closing if the seller has not been paid with a cashier's or bank check. Once I saw an attorney want them to wait until that check had cleared. To me, that was uncalled for. California practices differ in some things, more than most other states do, so there may be some local practice which differs.
0 votes
Walter 'Skip'…, Agent, Brea, CA
Sat Jan 7, 2012
Same day or next day at the latest the money should be released by escrow company. How did you tell escrow you wanted the money. If they mail it, you might not get it for a few days. You may arrange to pick it up.
Good luck
0 votes
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