What is the Seller's Timeline of final steps?
1) Buyer Removes All Contingencies:
This is when the Buyer has committed to the purchase and may no longer have a contractual right to a return of the initial deposit in the escrow account. This is a big milestone in the transaction since the Buyer might have a large financial penalty if the sale is not completed.
After the Buyer has removed all contingencies, you, the Seller should take care of the following if not already taken care of:
A) Sign and notarize the grant deed. Escrow will often provide notary services for a nominal fee (sometime free of charge) but if it is more convenient, you can go to a public notary and mail the notarized document to the escrow company. NOTE: Don't forget your driver's license or passport for ID to the notary.
B) Complete all escrow opening package documents. NOTE: Some escrow documents only require your signatures, while others need to be completed, signed and sometimes even notarized.
2) Buyer Final Walk-through & Verification of Property Condition:
The Buyer will make an appointment to conduct the final walk-though. Per the terms of the purchase agreement, the Buyer can conduct a final walk-through, typically within 5 days of the close of escrow date. The purpose of the final walk-through is to make sure that the property is in the same condition as it was on the date the offer was accepted and to verify that any and all agreed-upon repairs have been completed. After the Buyer conducts the final walk-through, we will receive a PDF of the Verification of Property Condition, signed by the Buyer.
3) Buyer Closing Funds & Loan docs released to Escrow:
The Buyer will deposit the required closing funds to the escrow account. Also, after all conditions have been met, the Buyer's lender will release loan documents to the escrow company. The escrow company will print out the loan documents along with any other documents that the Buyer will be required to sign and/or notarize.
4) Buyer to Sign/Notarize Loan Docs:
Depending on the time of day that escrow receives the loan docs, the Buyer may be able to sign on the same day or the following business day. Buyer has the option to sign loan documents at the escrow office or with a mobile notary, if it is more convenient for the Buyer.
5) Buyer Loan Funding:
After the Buyer's loan documents have been signed, they are delivered to the lender via the escrow company. Depending on the time of day that the lender receives the documents, it might be possible for the Buyer's loan to fund on the same day (if received by about 10:30am), or the loan may fund on the next business day. Some lenders can "table fund" which means that it is possible for the Buyer's loan to fund on the same day that the loan documents are signed.
6) Grant Deed Recording:
In Los Angeles County, the grant deed gets recorded on the next business day after the Buyer's loan funds. The actual time of recording typically takes place between 9am and 5pm. At the moment the grant deed is recorded, the Buyer is officially the new owner of the home. At 5pm on the day of recording, the Buyer will have a right to the keys and to occupy the home.
NOTE: After the grant deed gets recorded, we will get notified and we will then contact you to let you know the good news- it's sort of anti-climactic- not a lot of fan-fare. We just get a call or email and then we call or email you to let you know.
7) Possession and Keys:
Per the terms of the RPA, even if the grant deed records early in the day, the Buyer will only receive occupancy rights at 5pm on the day of the close of escrow.
8) Seller's Proceeds from Sale (i.e.- your money $$):
On the day of close of escrow, your file will be closed out and your proceeds will be delivered by the method that you specified in the escrow opening package documents. You can receive your proceeds in a check (either mailed to you or you can pick it up directly at the escrow office), or you can request escrow to wire your proceeds directly into your bank account- you just have to send escrow details on your bank and bank account. As far as when you receive your proceeds, it might be on the day of close or it might be the following business day- it all depends on the actual time of day that the grant deed gets recorded. If the grant deed records early in the day (before noon), then usually escrow will have adequate time to close your file and disperse your proceeds to you on the same day. On the other hand, if the grant deed gets recorded later in the afternoon, then the escrow officer might not have enough time to close out your file and disperse your funds until the following business day. Please be sure to contact the escrow company if you want to confirm or change the way that your funds are given to you.
9) Deed of Reconveyance:
Please be aware that the lien for your home loan may remain on your credit report until the lender issues and records a "deed of reconveyance" after your loan has been paid off. This normally happens as a matter of course but if you don't receive a "deed of reconveyance" within a few months time after closing, please check with your lender to make sure that the deed of reconveyance gets issued and recorded.
OTHER IMPORTANT INFORMATION FOR YOUR REFERENCE/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.
* Forwarding address: please provide us with your forwarding address so that we can keep in touch with you and so that we can forward anything that might come up in the future.
* Close out your accounts: Gas, water & power (electricity), trash service, internet service, cable, satellite TV, etc.
* Cancel your homeowner's insurance policy.
* Change of Address: US Post Office, DMV, credit cards and other companies/people that you want to be able to find you.
1) Buyer Removes All Contingencies:
This is when the Buyer has committed to the purchase and may no longer have a contractual right to a return of the initial deposit in the escrow account. This is a big milestone in the transaction since the Buyer might have a large financial penalty if the sale is not completed.
After the Buyer has removed all contingencies, you, the Seller should take care of the following if not already taken care of:
A) Sign and notarize the grant deed. Escrow will often provide notary services for a nominal fee (sometime free of charge) but if it is more convenient, you can go to a public notary and mail the notarized document to the escrow company. NOTE: Don't forget your driver's license or passport for ID to the notary.
B) Complete all escrow opening package documents. NOTE: Some escrow documents only require your signatures, while others need to be completed, signed and sometimes even notarized.
2) Buyer Final Walk-through & Verification of Property Condition:
The Buyer will make an appointment to conduct the final walk-though. Per the terms of the purchase agreement, the Buyer can conduct a final walk-through, typically within 5 days of the close of escrow date. The purpose of the final walk-through is to make sure that the property is in the same condition as it was on the date the offer was accepted and to verify that any and all agreed-upon repairs have been completed. After the Buyer conducts the final walk-through, we will receive a PDF of the Verification of Property Condition, signed by the Buyer.
3) Buyer Closing Funds & Loan docs released to Escrow:
The Buyer will deposit the required closing funds to the escrow account. Also, after all conditions have been met, the Buyer's lender will release loan documents to the escrow company. The escrow company will print out the loan documents along with any other documents that the Buyer will be required to sign and/or notarize.
4) Buyer to Sign/Notarize Loan Docs:
Depending on the time of day that escrow receives the loan docs, the Buyer may be able to sign on the same day or the following business day. Buyer has the option to sign loan documents at the escrow office or with a mobile notary, if it is more convenient for the Buyer.
5) Buyer Loan Funding:
After the Buyer's loan documents have been signed, they are delivered to the lender via the escrow company. Depending on the time of day that the lender receives the documents, it might be possible for the Buyer's loan to fund on the same day (if received by about 10:30am), or the loan may fund on the next business day. Some lenders can "table fund" which means that it is possible for the Buyer's loan to fund on the same day that the loan documents are signed.
6) Grant Deed Recording:
In Los Angeles County, the grant deed gets recorded on the next business day after the Buyer's loan funds. The actual time of recording typically takes place between 9am and 5pm. At the moment the grant deed is recorded, the Buyer is officially the new owner of the home. At 5pm on the day of recording, the Buyer will have a right to the keys and to occupy the home.
NOTE: After the grant deed gets recorded, we will get notified and we will then contact you to let you know the good news- it's sort of anti-climactic- not a lot of fan-fare. We just get a call or email and then we call or email you to let you know.
7) Possession and Keys:
Per the terms of the RPA, even if the grant deed records early in the day, the Buyer will only receive occupancy rights at 5pm on the day of the close of escrow.
8) Seller's Proceeds from Sale (i.e.- your money $$):
On the day of close of escrow, your file will be closed out and your proceeds will be delivered by the method that you specified in the escrow opening package documents. You can receive your proceeds in a check (either mailed to you or you can pick it up directly at the escrow office), or you can request escrow to wire your proceeds directly into your bank account- you just have to send escrow details on your bank and bank account. As far as when you receive your proceeds, it might be on the day of close or it might be the following business day- it all depends on the actual time of day that the grant deed gets recorded. If the grant deed records early in the day (before noon), then usually escrow will have adequate time to close your file and disperse your proceeds to you on the same day. On the other hand, if the grant deed gets recorded later in the afternoon, then the escrow officer might not have enough time to close out your file and disperse your funds until the following business day. Please be sure to contact the escrow company if you want to confirm or change the way that your funds are given to you.
9) Deed of Reconveyance:
Please be aware that the lien for your home loan may remain on your credit report until the lender issues and records a "deed of reconveyance" after your loan has been paid off. This normally happens as a matter of course but if you don't receive a "deed of reconveyance" within a few months time after closing, please check with your lender to make sure that the deed of reconveyance gets issued and recorded.
OTHER IMPORTANT INFORMATION FOR YOUR REFERENCE/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.
* Forwarding address: please provide us with your forwarding address so that we can keep in touch with you and so that we can forward anything that might come up in the future.
* Close out your accounts: Gas, water & power (electricity), trash service, internet service, cable, satellite TV, etc.
* Cancel your homeowner's insurance policy.
* Change of Address: US Post Office, DMV, credit cards and other companies/people that you want to be able to find you.