Now that everything is done, it is time to close the deal. But before you do that, your agent will have opened an escrow account.
After you and the seller have signed the purchase agreement contract, your REALTOR® can open escrow with a licensed title company. The title company acts as an intermediary in collecting all documents and payments from you to make the sale happen. Nobody is allowed to withdraw funds from an escrow account until certain conditions are met.
Pro Tip: If you want to ensure that you stay on top of everything you need to do during the escrow process, stay in close contact with your real estate agent and the title company.
Important Note: there are many scams out there today so please ensure you are speaking directly with your agent and/or title company representative on everything related to your transaction. This includes any instructions you’ve been sent via email or wiring of any money from a bank account.
What About the Final Walk-Through?
Your REALTOR will take you on a final walk-through of the property within the last week before closing, so you can ensure that everything is in order. Unless agreed otherwise, the home should be completely cleared out by the time you do your final walk-through.
Paperwork on Closing Day
Your REALTOR will prepare all the documents you need for closing your real estate transaction. You’ll have to bring a copy of your homeowners insurance policy (unless you’ve already emailed it to your REALTOR or the title company) and a government-issued photo ID.
At closing, you’ll have to sign some documents, including those related to finalizing the mortgage (like a promissory note, a truth-in-lending statement, a mortgage or deed of trust, and a monthly payment letter). You’ll also have to sign a closing disclosure, warranty deed or title, proration papers, statement of information, declaration of reports, abstract of the title and other forms. Be prepared to spend at least one hour signing paperwork at the title company.
As soon as the ink dries on the closing forms and documents, the title company and bank conduct the wiring of money, confirmation is received, and the next day is usually when the property records at the county recorders office. The seller will collect all net proceeds from the sale of the property from the title company involved in the property closing, and once recorded the home is yours.
Time to Celebrate!
When you’re ready to start looking for your next property and/or sell the current one, we’re here to help. Simply click here to set an appointment, call or text Debbie at 408-210-2400, or send an email to Debbie@PropertiesInSiliconValley.com. We’ll help you find it.