Close of Escrow
Prior to the close of escrow the seller reviews the estimated closing statement with the disbursements to clear title and gives instructions about how he/she will receive the sale proceeds. The escrow company will wire funds directly to the seller’s bank account. The seller will sign over a deed which the escrow company will hold until there are “good funds” and buyer’s and seller’s written instructions agree. The title company representative then goes to city hall and records the deed. The Buyer and Seller do not need to be physically present.
Once the documents have been recorded, the escrow/title company makes monetary disbursements as per the escrow instructions and notifies the real estate agents that the transaction has been completed. “Congratulations!”