Navigating Escrow (continued)

Deliver the balance of funds needed to close escrow to your title company within two business days prior to the close of escrow (down payment and closing costs). Funds should be in the form of a cashier’s check or wire transfer.

Pick up your keys to your new property.

Receive your closing documents from IS LUXURY and the title company.

Closing Escrow

Once you have completed your obligations according to the contract and have gone to the title company to sign your closing papers, your lender will wire the loan proceeds to the title company. Your title company will take your deed and various loan papers to the Recorder’s Office to be recorded into public record. Once this happens, you are the proud new owner. Your sales associate will arrange the delivery of the keys.

Occasionally, sellers may request the right to rent back the property after the close of escrow, delaying your possession of the property. This usually happens when the sellers’ next home is not ready for them by the close of escrow. If you agree to a seller rent-back, the custom is for the seller to pay you rent to equal your mortgage payments plus property taxes and hazard insurance (PITI) on a per day basis. A written rent-back agreement will be provided.