The home buying process is
full of paperwork and checklists, with a flurry of activity near the end of it.
Buyers everywhere celebrate ‘closing’ as the last step before they receive the
keys and prepare to move into their new home. California defines ‘closing’ not the
date when borrowers sign the loan documents, but as the date and time the deed
is recorded.
At least three business days
after the Closing Disclosure has been delivered, the loan documents are ready
to be signed. But the ‘close of escrow’ does not actually occur until after the
completion of three very separate steps:
·
Loan signing
– The date when all the loan documents are signed and notarized.
·
Loan funding
– When the lender releases funds to title/escrow.
·
Recording –
This is the date – the true ‘closing of escrow’ – when the deed and any other
associated recordable documents are recorded at the County Recorder’s office.
Only after escrow receives
confirmation from the title company that these documents have been recorded,
does the escrow officer issue net proceeds, after all charges and prorations,
to the appropriate parties.
The moment the Grant Deed is
time-stamped by the County Clerk is the moment that ownership of the property
changes hands – and no real estate transaction is ‘closed’ until that deed has
been recorded.
But the steps to getting
there can be complex. Having a seasoned realtor like Tim Brodowski at your side can help make it manageable and seamless.
Call Tim at 858-354-2354 for more information about buying or selling your
home. BRE #01224576
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