CHAPTER 18 Once You’ve Sold Your Home our Home
STEP 7: THE CLOSING
In CA closing is a process that takes place over a few days. The escrow officer will arrange for the buyer to sign their loan documents. After the loan documents are signed, they are sent back to the lender. The buyer then wires in the remaining funds needed to close escrow. Once the buyer's funds are received and loan documents are signed and returned, the escrow officer can then "call for funding" which is asking the lender to send loan funds. Once the loan funds are received by escrow, they set up the transaction to close the next day. You should receive a check the day after the closing for your net proceeds. The closing is coordinated by the closing agent’s office (AKA escrow office). Make sure to stay in touch with the escrow officer to be 100% certain that your sale doesn’t get off track. There shouldn’t be any surprises at the closing. All expected costs should already have been covered and put into writing between you and the buyer. The following items are commonly paid for by sellers at closing, although this is not set in stone.
• title insurance • escrow or attorney’s fee
• transfer tax • survey costs
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