The occasion where sale of a home is finalized, the buyer pays the mortgage, and closing costs are paid.
When all conditions for the real estate transaction are met and the property title is transferred to the buyer.
A type of loan closing in which an escrow agent accepts the loan funds and mortgage from the lender, the downpayment from the buyer and the deed from the seller, and completes the actions required by the transaction.
The completion of a transaction whereby documents, consideration etc. are held in trust (either by the parties and their representatives or by an independent third party) pending the completion of certain conditions, at which time the items held in escrow are released and the transaction is completed.
The deposit of funds or documents with an attorney or escrow agent to be disbursed upon closing of the real estate transaction.
Escrow closes when all conditions of a real estate transaction are met and the title of the property is transferred to the buyer.
When all the conditions of a real estate transaction are completed and title of the property is transferred to the buyer, escrow is considered closed.
The transfer of title to the buyer after all conditions of sale have been met.
In certain regions, an escrow agent holds in escrow funds as well as documents to be signed by both buyer and seller. Once all conditions of the closing have been satisfied, the documents and the funds are distributed by the escrow agent to the interested parties.