As soon as the purchasers have secured a firm mortgage commitment, the person in charge of the closing can arrange a date suitable to all parties. Additional paperwork may be required; escrow companies or attorneys must set up times for their roles, and your moving plans and the buyers’ must be considered and coordinated.
If your contract stipulated a targeted closing date, and that day comes and goes, the contract may still be in force. Sometimes, a definite, “essential” time has been agreed to by both buyer and seller, forcing the issue.
In states where escrow and title companies are used, the closing process can take more than one day. A buyer can sign the loan documents, if already prepared and waiting at the escrow office, any time during the month. When the time for closing arrives, the lender will wire the funds and the buyer may then submit the remaining down payment and closing costs (this is usually done after a final walk-through). All parties then wait for the funding to take place, which can usually take anywhere from 24 to 48 hours. A final title report tells everyone that the property is free of clouds on title, and the buyer is able to take clear possession. An escrow officer or title officer then physically stands in line at the county recorder’s office and waits to record the deed. After this is accomplished, a cheery voice notifies the buyer by telephone that the purchase is “on record.”
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