Escrow is closing today.

 
The buyer's loan funded (bank wrote the check) yesterday.  The title company is recording today   - we just don't know when! 

When I first started selling real estate in 1989, we had "specials" (funding and recording took place the same day); and this saved the buyer one day's interest (generally the bank charges interest from the date of funding/writing the check) and the buyer pays interest for this (loan) money although, they don't yet own the property. 

After Proposition 13, the County stopped "allowing" "special recordings" and recordings took place the day after funding, typically first thing in the morning.  Further cutbacks created a more recent situation with the county recorder's office.  Currently, the title companies rotate the order of their recordings.  For instance one day a specific title company will be "first in line", the following day, second and so on until they are last (currently 16th) and the rotation repeats.

Generally the title company doesn't receive confirmation of recordings until after 10 AM, so on the day of recording, I typically telephone the title company and first ask "Do you have any LA County recordings?", if "no" then I ask the title officer what order we are in. 

Today we are "8th", so we should receive confirmation of recording around 1 PM.  I am a panel speaker today at the Glendale Hilton for the Woman's Council of Realtors,  so Natalie will inform the buyer of the recording if it occurs while I am out of the office (with the cell turned off). 

 

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