Sellers Guide - Deborah Young

S I GN I NG A P PO I N TME N T The escrow officer will contact you to arrange an appointment for you to sign all the necessary documents. Your appointment will take approximately 45 minutes. Your signature(s) will need to be notarized so make certain to bring either a passport or current driver’s license for identification purposes. Af ter Your Signing Appointment : Af ter the sel ler and the buyer have s igned al l the necessary inst ruct ions and documents , the escrow of f icer wi l l return them to the lender for f inal review. The review general ly occurs wi thin a day, al lowing the necessary work to be completed to record the close of escrow. Closing Escrow: Recording of the deed s igni f ies legal t ransfer of t i t le to the property f rom the sel ler to the buyer and i s the culminat ion of the t ransact ion. Usual ly the Deed and Deed of Trust are recorded wi thin one working day of the escrow’s receipt of loan funds . Thi s completes the t ransact ion and s igni f ies the “close of escrow.” Af ter Escrow Closes : Af ter the loan has been f inal ized, the documents s igned and recorded, and the f inancial set t lement completed, there are st i l l a few i tems that must be at tended to in order to of f icial ly complete the t ransact ion. Your exi st ing loan i s paid in ful l f rom escrow. Your lender i s requi red by law to i ssue a ful l release and reconveyance of thei r loan. As soon as the Deed of Reconveyance removing the previous Deed of Trust i s received, i t i s recorded and the or iginal i s returned to you. Thi s process can somet imes take several weeks . Final ly, in some cases , the escrow of f icer wi l l be instructed to hold funds in escrow to pay of f obl igat ions that may not be completed unt i l af ter escrow closes . For example, funds might be set as ide for termi te repai r work or cor rect ion of a st ructural problem. Upon complet ion of the project and receipt of the proper documentat ion for release, the escrow of f icer wi l l di sburse the reserve funds as appropr iate. Your Proceeds : A f inal set t lement statement and check for any proceeds due wi l l be avai lable the day the sale i s completed, documents are recorded and the escrow i s closed.


Co p y r i g h t 2 0 1 7 S e c u r i t y T i t l e : Co n t e n t c a n n o t b e e d i t e d o r r e p r o d u c e d w i t h o u t w r i tt e n p e r m i s s i o n f r om S e c u r i t y T i t l e . A l l c o n t e n t h e r e i n i s i n f o r ma ti o n a l o n l y a n d n o t i n t e n d e d t o offe r l e g a l o r fi n a n c i a l a d v i c e .

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