Whether you are buying or selling a home, you may have thought the closing process would be the part you most look forward to. Being in closing means that you are about to bring your dream of buying or selling to life, right? That is true, but closing—also called the escrow process—requires careful action and thought to make sure the real estate transaction is fully completed.
There are four parties involved in the escrow process: the seller, the buyer, the lender, and the escrow officer. Realtors, insurance companies and inspectors may also play minor roles. The escrow officer is an unbiased third party who acts as a trusted holder of the money involved in the real estate transaction until everything is finalized and the proper parties can be paid out. The buyer pays their deposit to the escrow officer, who holds the funds until everything is finalized and the money can be released to the seller.
In order to complete the transaction, all proper documentation must be signed, the lender needs to approve the paperwork, the escrow officer must have the buyer’s money in full, deeds must have been recorded, and the lender has to have wired the home loan money to the escrow officer. Once these processes have been completed, the escrow officer will take the necessary steps to tie up every loose end and ensure the buyers get their home and the sellers get their payment.
Do you want an escrow officer you can trust to guide you through the closing process? If so, contact the escrow experts at Brighton Escrow in Hermosa Beach, California. We are here to make sure that closing escrow is a breeze with our expert escrow services. Do not wait to get the help you need for this process, call us today!