Lake Forest Homes

Escrow Procedure

Monitoring escrow

Disclosures

Inspections

Renegotiating when necessary

Final Walk through

Close of escrow

Close of escrow

The last week of an escrow can be the most tedious. When the deed to the property records, that constitutes a "closed" escrow. This means that you finally and technically own the home. Sometimes, however, transfer of title and transfer of possession do not occur at the same time. This can happen for several reasons, but the main reason is if the seller’s purchase of their next home did not close simultaneously.

Because this occurs and there may be other unforeseen problems that could delay the closing, it has become customary to allow the seller what’s known as "close of escrow plus three." This means, the seller has three days after the close of escrow to move out completely. Having a three-day pad "after the close of escrow," allows all parties to coordinate moving vans and schedules a little better.

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Written By Shan Roberts