When does escrow close?
Years ago the Los Angeles County Recorder offered “special recordings”. This is when the buyer’s loan funded (lender wrote the check) and recorded (transferred title) the same day. Sometime after (Prop 13) budget cuts this practice discontinued. A buyer’s loan funded and the following business day it recorded.
Title companies now rotate the order in which they record. One day, Orange Coast Title will be first in line and buyers with that title company will be closing their escrows first. The next day, Orange Coast Title will be second and so on, until they reach number sixteen and begin the rotation again.
Knowing which order you are recording provides the parties in the escrow some indication as to what time the closing will take place. Possession of the home to the buyer is negotiated in the Residential Purchase Contract. In most real estate transactions a buyer is not given keys until after the transfer of title (recording). Depending on what was negotiated, it may be the same day, several days after or even longer. I once negotiated a four month rent back for a home seller.
Related Post: What is a seller rent back?
What Statement does your house key make?
Title companies now rotate the order in which they record. One day, Orange Coast Title will be first in line and buyers with that title company will be closing their escrows first. The next day, Orange Coast Title will be second and so on, until they reach number sixteen and begin the rotation again.
Knowing which order you are recording provides the parties in the escrow some indication as to what time the closing will take place. Possession of the home to the buyer is negotiated in the Residential Purchase Contract. In most real estate transactions a buyer is not given keys until after the transfer of title (recording). Depending on what was negotiated, it may be the same day, several days after or even longer. I once negotiated a four month rent back for a home seller.
Related Post: What is a seller rent back?
What Statement does your house key make?
Posted by Phyllis Harb at 2/2/2012 2:49 AM 
Categories: A Buyer's Perspective, A Seller's Perspective
Tags: when does escrow close
Categories: A Buyer's Perspective, A Seller's Perspective
Tags: when does escrow close
Comments