Closing Your Escrow

The Closing or Signing Appointment

*  The escrow holder will contact you or your agent to schedule a closing or signing appointment.  In some states, this is the “close of escrow”.  In some others, the close of escrow is either the day the documents record or when funds are disbursed.  Ask your escrow holder if you would like clarification about your state’s law.

*  You will have a chance to review the settlement statement and supporting documentation.  This is your opportunity to ask questions and clarify terms.  You should review the settlement statement carefully and report discrepancies to the escrow officer.  This includes any payments that may have been missed.  You are responsible for all charges incurred even if overlooked by the escrow holder, so it’s better to bring these to their attention before closing.

*  The escrow company is obligated by law to have the designated amount of money before releasing any funds.  If you have questions or foresee a problem, let your escrow officer know immediately. 

 

Don't Forget Your Identification 

You will need valid identification, such as a driver’s license or photo ID, when you sign documents that need to be notarized (such as a deed).  You will also be asked to provide your social security number for tax reporting purposes, and a forwarding address.

What Happens Next?

If the Buyer is obtaining a new loan, the Buyer’s signed loan documents will be returned to the lender for review.  The escrow company will ensure that all contract conditions have been met and will ask the lender to “fund the loan”.  If the Buyer’s loan documents are satisfactory, the lender will send the check directly to the escrow company.  When the loan funds are received, the escrow company will verify that all necessary funds are in. Escrow funds will be disbursed to the Seller and other appropriate payees.  Then, the Buyer receives the keys to their new home!

AFTER THE CLOSING

It is highly recommended that you keep all records pertaining to your home together in a safe place, including all purchase documents, insurance, maintenance, and improvements.

• Home Warranty Repairs - If you have a home warranty policy, please call them directly and have your policy number available.
  
• Recorded Deed - The original deed to your home will be mailed directly to you by the County Recorder, generally within four to six weeks.
  
• Title Insurance Policy - If purchased, your title company will mail your policy in about two to three weeks.
  
• Property Taxes - You may not receive a tax statement for the current year on the home you buy; however, it is your obligation to make sure the taxes are paid when due.  Check with your mortgage company to find out if taxes are included with your payment.  For more information on your property taxes, visit your County Treasurer/Controller’s Web site.