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Home closing and afterward

The home closing process and afterward.

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.

Before coming back to Orange County I sold residential real estate in a state
that did “table funding” where both buyers and sellers were at the closing
table. Buyers would bring a cashier’s check for the down payment and all
paperwork was handled by the title company closer. Keys were usually transferred
at that time. California is an escrow state. The escrow officer is a dual agent
who represents both sides of the transaction and handles all paperwork and
communicates with the title company. The title company is the one who 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.

“Real estate closing” in Orange County consists of the buyers signing all
documents (including note and deed of trust), buyer’s money being wired to title or
escrow, 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 into title early enough.
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 closing a few other things happen. The seller may pick up their proceeds
within one to two business days. 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.

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