Close of Escrow
Once all the contingencies have been met, you and the seller are ready to close the deal. This is at least 30 days after signing the initial contract and is done through a title company. We have four title companies in our county and all have similar rates. The title company is generally chosen by the seller. "Signing" is when you go to the title company and sign all the loan and closing papers. This is when you will be bringing a cashier's check for the balance of the down payment. Usually the day before you sign, the escrow officer will fax me a copy of the closing statement for your review. This statement will show how much money you are to bring when you sign.
I will accompany you to the signing and often your lender will be there as well. Once both parties have signed all the papers, it will take a day or two before the title is recorded with the county. This is the "closing" and when the deed goes to the courthouse in your name. "Closing" is when you officially own the house. "Possession" is when you move in and is a mutually agreed upon day between you and the seller.