Sellers: Escrow Timelines Part II

As the final week of escrow approaches, mostly everything is set in place on the seller’s end and the rest is up to the buyer, the lender, Escrow Officer and Title Rep/Officer to ensure the remainder of the transaction goes smoothly. 

Three Days Prior to Buyer Signing Loan Docs: Buyer must sign his Closing Disclosure (CD) sent by the lender. This gives the buyer a breakdown of all the information regarding their loan so there is not any surprises prior to signing the loan docs. The CD has to be signed at a minimum of three business days prior to signing loan docs. 

Three Days Prior to Close of Escrow: Buyer will sign the loan docs and wire transfer their remainder of the downpayment into escrow. Escrow will need the executed grant deed from you as the seller prior to requesting buyer’s funds. 

1-2 Days Prior To Close Of Escrow: Lender will review loan documents, ensure everything is signed and dated properly. After their review, the lender will wire the remaining funds into escrow. 

Day of Close Of Escrow: The fully executed grant deed will be recorded at the County Recorder’s office. Recordings begin at 8 AM. Title will send confirmation to the Escrow company who will then prepare to close the file and do the necessary disbursements. The Escrow officer will follow the instructions based on the original Escrow Instructions with what to do with your proceeds whether it is to mail you a check, or wire transfer the funds. 

Every transaction is vastly different, and run way different from each other based on each individual deal, financing involved and negotiated purchase agreement. This is just a quick run through of the normal steps of closing an escrow where financing is needed. 

If you have any questions regarding the selling process, please head over to our contact page and we would be happy to answer them.