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2020 Buyer's Guide Step 9

WHAT HAPPENS AFTER YOU SIGN

After the signing, the escrow officer prepares the loan package for your lender and delivers that
package for final review. This can take 24 to 48 hours after receipt of the documents by the lender
and depends on the lender’s requirements. With our preferred lending partner, they table fund or
fund at the same time they supply the closing documents.

Once the lender has final approval of your documents, they are ready to fund the loan. They notify
escrow that the funds have been wired. When escrow is advised that the wired funds have been

received, Close of Escrow (recordation) takes place!

After the Close

The keys to your new home will be released to you after Close of Escrow. Your Real Estate Professional
will make the necessary arrangements so that the keys will be available to you. Unless otherwise

specified in the Purchase Contract, possession takes place after Close of Escrow (recording of the
deeds).

Proceeds from the Sale

If plausible, a final disclosure and a check for the proceeds will be available to you after the date of sale
is completed, documents are recorded, and escrow is closed.
In some cases, proceeds that were wired may not reach your bank until the next business day following

Close of Escrow.

Funds Held in Escrow
In some cases the escrow holder will be instructed to hold funds in escrow to pay obligations which may

not be completed until after escrow closes. An example might be a holdback of funds to correct a
structural problem, remodeling, or termite repair work. Upon completion of the project, along with a

receipt of the proper documentation and releases, the escrow officer will disburse the reserve funds.
Additional charges may apply.

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