Closing Escrow


...means title has been recorded and everyone paid

The actual "close" of escrow occurs after funding has occurred and title recorded. Once the buyer has signed all of the loan documents, they are sent to the lender along with a funding request (release of funds). Depending upon the lender, this may take anywhere from one to three days to review the package and fund the loan.

Once the lender has determined that funds can be released, they notify the Escrow Officer. The Escrow Officer then calls the Title Company to get the recording in the queue. At this time, most title firms will institute a last minute recheck of public county records to insure that no additional liens have been recorded. If a new lien should appear, the title recording is pulled and the close of escrow is delayed until the lien can be satisfied.

Once final title check is complete, the title company calls the Escrow Company to confirm that all documents have been recorded and to provide the final title and lender payoff costs. The escrow company then balances your file, prepares a closing statement, and disburses the funds. Once the above is complete - your escrow has closed and you can move in to your new home.