Buy a Home: Step 5
Step 5 of 5: Process To Buy A Home – Sign Title Documents & Close Escrow
Sign Title Documents: I will accompany you to the signing of your title documents, this is the process that transfer title from the seller to you the buyer.
What does a title company do: gets a deed of trust drafted by the lender or by the escrow officer as directed by the parties (the deed of trust is an instrument that is recorded to secure a loan against your property), pay off existing loans when ordered by parties, prorates the taxes and insurance upon instructions by parties, computes interest on loans, acquires hazard insurance, record documents (record the appropriate documents with the county office, giving public notice), and then disburses the documents and monies to each party involved.
To this signing you will need to bring: a cashier’s check issued to the title company in the amount indicated to you by your escrow officer, a valid CA drivers license or passport, any lender’s requirements, proof of fire and hazard insurance, and the method on holding title on your home (talk to your attorney about this important issue).
Close Escrow: After completing the sign off your escrow officer will return them to the lender for final review. Following the review, which usually occurs within a day or two, the lender is ready to fund the loan and advises the escrow officer, so that the necessary work can be completed to record the documents and close the escrow.
An escrow closing is a legal transfer of title on the property from the seller to the buyer and the culmination of the transaction. Once all conditions of the escrow have been satisfied, the escrow officer advises you of the date that escrow will close and takes care of the technical and financial details. Usually the Grant Deed and Deed of Trust are recorded within one working day of the escrow’s receipt of loan funds.
The deed to your new home will be mailed directly to you by the County Recorder’s Office, for you to put in a safe place. The time frame is usually several weeks, depending upon volume.