The home closing process and afterward in Orange County CA
In any business, but especially real estate, it is possible to take for granted
that the customer knows some basic things that Realtors deal with every day, but is not
generally well known by those who only buy a home once every 5 to 10 years or longer.
The Home Closing Process:
A few states handle real estate closings differently such as Colorado which
does “table closings” where both buyers and sellers are at the closing
table. Buyers bring a cashier’s check for the down payment and all
paperwork is handled by the title company closer. Keys are usually transferred
at that time. As long as it was a smooth transaction the closing is a lot of fun.
For an experienced agent you can count on in the OC, call me at 949-456-0505.
California is an escrow state. My favorite Orange County Escrow company
is Escrow Leaders in San Juan Capistrano. The escrow officer is a dual agent who represents both sides of the transaction
and handles all paperwork and communicates with the title company, HOAs and lenders.
The title company is the entity which pays off the existing notes and records
the new deed with the county. On the east coast there are attorneys involved
but not in CA, generally.
“Real estate closing” in Orange County consists of 1. the buyers signing all
documents (including note and deed of trust), 2. buyer’s money being wired to title or
escrow, 3. the loan amount being wired in by the lending institution and last of
all, electronic recording of deed and other docs at the county. Orange County
allows same day electronic recording if all funds are received by title early enough.
Nearby counties require physical delivery of the documents before recording.
If funds are late (after 2 pm generally) then the property does not record (close)
until the next day. The deal is not done until it records after which the
principles are notified by the escrow company (NO possession until recording.)
After closing a few other things happen. The seller may pick up their proceeds
within one to two business days or have them wired. The buyer will receive final settlement
paperwork and a check for any excess funds. After the deed records at the county
and copies are made, the county will mail the deed back to the buyer. Also the
buyers should watch the mail for the final Title Insurance policy and the Home
Warranty. Put these in a safe place and enjoy your new home.
Ron Buck, Realtor® bre 01364665 Keller Williams Realty
Ron Buck has been a real estate broker for 16 years with over 800 successfully completed transactions. He is a 11-year resident of Laguna Niguel and is an expert in south Orange County real estate. You can contact him at Ron@RonBuckGroup.com or 949.456.0505.