What is the Buyer's Timeline of final steps?
1) Final Walk-through (Verification of Property Condition):
Per the terms of your purchase agreement, you can conduct a final walk-through within 5 days of the close of escrow date. The purpose of your final walk-through (Verification of Property Condition) is to make sure that the property is in the same condition as it was on the date your offer was accepted and to verify that any and all agreed-upon repairs have been completed.
2) Closing Funds to Escrow:
Your closing funds need to be delivered to your escrow account with a direct wire transfer. The exact dollar amount that needs to be wired will be indicated on an estimated closing statement that escrow will provide after loan documents have been received by escrow. As soon as we have your estimated closing statement from escrow, we will forward it to you, along with wire instructions.
NOTE: your closing funds should be in the escrow account no later than 3 business days before the close of escrow.
3) Loan Docs are released to escrow:
After all conditions have been met, the lender will release your loan docs to the escrow company and then the escrow company will print out the loan documents along with any other documents that you will be required to sign and/or notarize.
4) Sign/Notarize Loan Docs:
Depending on the time of day that escrow receives the loan docs, you may be able to sign on the same day or the following day at the latest. NOTE: you have the option to sign loan docs at the escrow office or with a mobile notary, if that would be a more convenient option for you. The mobile notary can travel to any location that is most convenient for you. The mobile notary can come to your residence or a coffee shop- whatever is best for you. Please be advised that there may be an extra fee for the mobile notary service- usually you can expect to pay an additional $150 to $200 for this service. Please let us know if you would like to arrange for a mobile notary or if you'd like to sign and notarize loan docs at the escrow office.
5) Loan Funding:
After your loan docs have been signed, they will be delivered to your lender so that your lender can confirm that all pages have been properly signed and/or notarized. Depending on the time of day that your lender receives your signed documents, it might be possible to fund on the same day (only if your lender can "table fund" and only if received by your lender no later than about 10:30am), or your loan will fund on the next business day (or maybe later depending on the lender).
6) Grant Deed Recording:
In Los Angeles County, the grant deed gets recorded the next business day after your loan funds. The actual time of recording is not known but it will take place between 9am to 5pm. At the moment the grant deed is recorded, you are officially the owner of the home. At 5pm on the day of recording, you will have a right to the keys and to occupy the home. In other words, even if the grant deed records at 9am, the Seller would not have to release the keys and could still be moving out personal belongings up until 5pm (this is all in the terms of your purchase agreement).
7) Possession and Keys:
Per the terms of the RPA, even if you are the owner of the home early in the day, you will receive your occupancy rights at 5pm on the day of the close of escrow.
OTHER INFORMATION FOR YOUR CONSIDERATION/REVIEW:
* CLOSE OF ESCROW DATE: Due to the complexity of a real estate transaction it is not uncommon for the COE date to change +/- a few days from the scheduled closing date. Due to this possibility, it is suggested that Buyer and Seller remain as flexible as possible with regard to all plans based on an exact closing date. Please be cautious when scheduling moving trucks, contractors, etc. as the COE date can vary from the scheduled COE date."
* NOTE: There is nothing for you to do on the close of escrow date. Most likely, the keys will be left in a lock box for you to pick up, but there is nothing for you to do on the actual COE date.
* Contact the local utility companies to start accounts in your name for all utilities so that you have services ready for you (e.g.- gas, electric, water, internet, cable, satellite TV, etc.)
1) Final Walk-through (Verification of Property Condition):
Per the terms of your purchase agreement, you can conduct a final walk-through within 5 days of the close of escrow date. The purpose of your final walk-through (Verification of Property Condition) is to make sure that the property is in the same condition as it was on the date your offer was accepted and to verify that any and all agreed-upon repairs have been completed.
2) Closing Funds to Escrow:
Your closing funds need to be delivered to your escrow account with a direct wire transfer. The exact dollar amount that needs to be wired will be indicated on an estimated closing statement that escrow will provide after loan documents have been received by escrow. As soon as we have your estimated closing statement from escrow, we will forward it to you, along with wire instructions.
NOTE: your closing funds should be in the escrow account no later than 3 business days before the close of escrow.
3) Loan Docs are released to escrow:
After all conditions have been met, the lender will release your loan docs to the escrow company and then the escrow company will print out the loan documents along with any other documents that you will be required to sign and/or notarize.
4) Sign/Notarize Loan Docs:
Depending on the time of day that escrow receives the loan docs, you may be able to sign on the same day or the following day at the latest. NOTE: you have the option to sign loan docs at the escrow office or with a mobile notary, if that would be a more convenient option for you. The mobile notary can travel to any location that is most convenient for you. The mobile notary can come to your residence or a coffee shop- whatever is best for you. Please be advised that there may be an extra fee for the mobile notary service- usually you can expect to pay an additional $150 to $200 for this service. Please let us know if you would like to arrange for a mobile notary or if you'd like to sign and notarize loan docs at the escrow office.
5) Loan Funding:
After your loan docs have been signed, they will be delivered to your lender so that your lender can confirm that all pages have been properly signed and/or notarized. Depending on the time of day that your lender receives your signed documents, it might be possible to fund on the same day (only if your lender can "table fund" and only if received by your lender no later than about 10:30am), or your loan will fund on the next business day (or maybe later depending on the lender).
6) Grant Deed Recording:
In Los Angeles County, the grant deed gets recorded the next business day after your loan funds. The actual time of recording is not known but it will take place between 9am to 5pm. At the moment the grant deed is recorded, you are officially the owner of the home. At 5pm on the day of recording, you will have a right to the keys and to occupy the home. In other words, even if the grant deed records at 9am, the Seller would not have to release the keys and could still be moving out personal belongings up until 5pm (this is all in the terms of your purchase agreement).
7) Possession and Keys:
Per the terms of the RPA, even if you are the owner of the home early in the day, you will receive your occupancy rights at 5pm on the day of the close of escrow.
OTHER INFORMATION FOR YOUR CONSIDERATION/REVIEW:
* CLOSE OF ESCROW DATE: Due to the complexity of a real estate transaction it is not uncommon for the COE date to change +/- a few days from the scheduled closing date. Due to this possibility, it is suggested that Buyer and Seller remain as flexible as possible with regard to all plans based on an exact closing date. Please be cautious when scheduling moving trucks, contractors, etc. as the COE date can vary from the scheduled COE date."
* NOTE: There is nothing for you to do on the close of escrow date. Most likely, the keys will be left in a lock box for you to pick up, but there is nothing for you to do on the actual COE date.
* Contact the local utility companies to start accounts in your name for all utilities so that you have services ready for you (e.g.- gas, electric, water, internet, cable, satellite TV, etc.)
