Whether you are a Buyer or Seller, these are the basic steps most transactions take through the escrow closing process…
1. You’ve gone under contract and escrow is opened at the 3rd party escrow company identified in the contract.
2. Buyer makes an earnest money deposit within a contractually-specified number of days.
3. During this time, the closing team reviews the Purchase & Sale Agreement.
4. The closing team also reviews the Title Report on an on-going basis, through to the closing date.
5. The transaction reaches a mid-term with weekly status updates to bring visibility to the process.
6. Loan Documents received from the Lender, if any.
7. A Lender-approved Closing Disclosure/Settlement Statement is sent for review.
8. Appointment times for all parties to the contract as set for signing.
9. The signings are completed by a Notary and confirmed with escrow.
10. Funds are received and transaction documents are released to the county for recording.
11. The recording is conformed by the county and the transaction is considered closed.
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