The escrow closing day is the conclusion of a process which, over days, weeks or perhaps months has required the cooperation and energy of many professionals and the Buyer and Seller. It is the final moment when the Escrow Officer, much like the “hub of a wheel” ties together the various parts of the transaction and makes final arrangements for the transfer of title from Seller to Buyer.
Just prior to closing the Escrow Officer audits the entire escrow file, provides instructions to the Title Company and formally authorizes recordable documents to be sent to the Recorder’s Office for recording. This can only be done after the Buyer’s loan funding has been authorized by the Lender and Escrow has received all Lender and Buyer’s funds.
On closing day, the Escrow Officer must wait for confirmation of the recording; this usually comes late in the afternoon.
The Escrow Officer will phone all parties to give them the good news. This is the phone call for which everyone has been waiting.
Checks, wires and final closing statements are prepared and sent out the next business morning to all concerned parties.