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Closing Your Escrow
What to do before the closing appointment. Your escrow officer or escrow technician will contact you to schedule your closing appointment and inform you of the funds you need to bring with you. Obtain a cashier’s check for that amount made payable to your title insurance company. If a wire transfer is necessary, arrange for it in advance with your escrow officer.
Your escrow company is required by law to have funds deposited before escrow funds can be disbursed. Expect delays if you submit a personal check!! If you have questions or anticipate a problem, contact your escrow officer immediately.
Don’t forget your identification. You will need valid identification with your photo on it. A driver’s license is preferred. This is necessary so that your identity can be sworn to by a notary public. It’s a routine step, but it’s important for your protection.
What happens next? During your closing appointment at your title insurance company, you will sign loan documents and instructions to transfer the title of the home you are purchasing and you will present your identification so the documents can be notarized. You will review the settlement statement and give the escrow officer your cashier’s check. (The Seller will sign at a separate appointment.)
The signed loan documents will be returned to the lender for review. Your title insurance company will ensure that all contract conditions have been met and ask the lender to “fund the loan”. If the loan documents are satisfactory, the lender will send the check directly to your title insurance company, usually within 24 hours. When the loan funds are received, your title insurance company will verify that all necessary funds are in. They will then record the deed at the County Recorder’s Office and disburse escrow funds to the Seller and other appropriate payees. At this time, your escrow is closed!!
You get the Keys. After the escrow is closed and the title transfer is recorded, the escrow company will notify the Buyer ‘s Realtor, who will give you the good news and arrange for you to receive the keys to your new home.
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