Time to close. There are so many moving parts & so many people involved in a Real Estate transaction. The closing is the final part & it falls primarily in the hands of your mortgage lender and escrow company.
The steps to complete the transaction are as follows:
1. Loan funding. Your final loan documents have been signed, notarized and submit to your lender. They initialize the loan funding process, where they cut the check to actually pay for the property. This is wired to escrow.
2. Fund dispersal. All funds related to the transaction are in escrow’s possession. Escrow cuts the payment to the seller. Taxes and fees related to the transaction are set aside to be paid as well.
3. Recording of title. Once the funds are dispersed, the deed is submit to the County Recorder to be added to the public record. The documentary transfer tax is also paid on the transfer of property. It should be noted that funding and recording rarely take place on the same day in San Diego County. It can be requested as a “special.” This is only recommended when funding is on a Friday, to prevent waiting until Monday to record & paying interest over the weekend.
The deal is officially complete when the county gives confirmation of recording on your new deed. You are clear to take possession of the home at this time. Escrow will wrap up paperwork on their end to close out the file completely. Time to start moving into your new home! YAY!
We at 1850 Realty are happy to share information about the home buying process. Transactions can vary individually, and we are here to help you with your real estate needs. To discuss in more detail, don’t hesitate to contact us: