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 normally.
"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.
Ron Buck, Realtor®
Ron Buck has been a real estate broker for 16 years with over 450 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@JonRonRealEstate.com or 949.456.0505.
