The final step in a real estate transaction when title of the property passes from Seller to Buyer. The Buyer becomes legal owner on this date, when the deed and deed of trust are recorded with the county recorder's office in the buyer's name and the seller's loan's), if any, is paid off and the seller receives any net proceeds.
Actual transfer of title from seller to buyer.
The date that the deed to the property is transferred to the buyer and the buyer takes possession of the new home.
The date the grant deed, or other evidence of transfer of titles, is recorded. If the date falls on a non-business day, then the close of escrow shall be the next business day after that date.
The final procedure in which funds are disbursed to all parties to the escrow instructions.
The meeting between the buyer, seller and lender (or their agents) where the property and funds legally change hands.
The date the documents are recorded and title passes from Seller to Buyer. On this date, the Buyer becomes the legal owner, and title insurance becomes effective.
The end of the Escrow Period, or the date that a homebuyer takes possession of their new home. At the close of escrow, the Escrow Company prepares several documents which are signed by the builder and the buyer. The Escrow Company then makes all final payments to the builder, and the homebuyer receives the keys to their brand new home.
The final step in a real estate transaction, when ownership passes from seller to buyer. On this date, the deed and deed of trust are recorded with the county recorder's office in the buyer's name and the proceeds of the sale are given to the seller after paying off any outstanding loans and fees.
A meeting of the parties involved in a real estate transaction to finalize the process. In the case of a purchase, the close of escrow usually involves the seller, the buyer, the real estate broker and the lender. In the case of a refinance, the close of escrow involves the borrower and the lender. Sometimes referred to as the settlement or closing.