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Frequently Asked Questions

  • What is escrow?

    “Escrow” is a formal procedure utilizing an independent third party, or Escrow Officer, to effect the transfer or sale of the terms of, or an encumbrance upon, property. They act as an impartial intermediary between the Buyer and Seller.

  • Buyer: What do I need to bring to my document signing appointment?

    At the time of the document signing, the Buyer must present a valid form of identification. The ID must be current or have been issued within five (5) years. Common, accepted forms included:

    • A California Issued Identification Card or Driver’s License
    • A Driver’s License issued by a state other than California or by a Canadian or Mexican public agency authorized to issue drivers’ licenses
    • A Passport issued by the Department of State of the United States or a foreign government
    • An ID card issued by any branch of the armed forces of the United States
  • Buyer: After I sign my loan documents, when will the escrow close on a sale?

    The closing day is negotiated and established by both Parties. The determined date will be stated in the Purchase Contract. Typically, the escrow will close 2-3 days after the Lender has received the signed loan documents. During this time, the documents are reviewed by the Lender and the loan funding is scheduled.

  • Buyer: After I sign my loan documents, when can I expect the escrow to close on a refinance?

    Escrow can close as soon as all lender conditions are met and Escrow has received necessary funds. In an Owner occupied transaction, the primary residences are subject to a 3 day “Right to Cancel”. This means that the owner can cancel the refinance up to 3 days after it has been finalized even if the funding has already gone through. However, this 3 day “Right to Cancel” is not extended to refinances on 2nd homes or non-owner occupied homes.

  • Buyer: When should I deposit or provide my closing funds?

    The Buyer’s funds must be deposited in the form of a wire transfer, cashier’s check or official check. They must be deposited in escrow at least 24 hours prior to authorization of recording with the title company.

  • Buyer & Seller: Why can't escrow officers accept personal checks at the close of escrow?

    Escrow officers do not accept personal checks because they do not want to delay escrow closing. Deposits by personal check are subject to clearance and verification of payment by the financial institution on which the funds were drawn. If the check is drawn on an out-of-state bank, the check clearing process may be delayed an additional one to ten business days.

  • Seller: When can I expect to receive my net proceeds?

    Once the recording is completed, the Escrow Officer must wait for the title company to make any loan payoffs, tax payments, etc. and forward the remaining funds via wire transfer to Escrow’s bank for final disbursements. If the Seller requests the net sale proceeds in the form of a Wire, then it will be sent by the next business day after the wire is received from Title. However, a standard trust accounting check can be issued on the same day that the wire is received by Escrow’s bank.

  • Buyer: Who will provide me the keys to my new home?

    Once the Escrow Officer confirms that the recording is completed, the Real Estate Agents are notified and the keys can be provided to the Buyer by their Agent.