CLOSE OF ESCROW
7.1 Final Walk-Through Inspection. A few days prior to closing it is customary that the buyer conducts a final walk-through inspection to verify that the property is in the same condition as when the buyer initially saw the home and all negotiated repairs have been completed.
7.2 Canceling Home Services and Utilities. Garry and Mary will provide a list of useful telephone numbers for the termination of local utilities and services. It is recommended that this be arranged approximately two weeks prior to the close of escrow.
7.3 Close Of Escrow. When your transaction is nearly completed, the title company will have you sign the final documents. They will provide you with a 'closing statement' - a summary of all the financial details. When everything is complete, the title company will record the transaction for you and the buyer at the County Recorder's Office. Recording the deed signifies legal transfer of title of the property from the seller to the buyer and is the culmination of the transaction. You will receive your proceeds and the buyer becomes the official new owner.
7.4 After Close Of Escrow. After the loan has been finalized, the documents signed and recorded and the financial settlement completed, there are still a few items that must be attended to in order to officially complete the transaction. Your existing loan is paid in full from escrow. Your lender is required by law to issue a full release and Reconveyance of the loan. As soon as this Deed of Reconveyance, removing the previous Deed of Trust is received, it is recorded and the original is returned to you. This process can sometimes take several weeks.
7.5 Keys. Garry and Mary will coordinate the delivery of your keys to the buyer once the deed has been recorded or according to any other contractual agreements you have made.
Congratulations, your home has been successfully sold!
For more information or if you have any questions, please contact Garry and Mary at any time.