We Closed In Escrow……What Does That Mean??
Great, everyone showed up on time, utilities have been transferred, you brought your cashier check and you signed your life away…….but now you are being told that you have closed in escrow. What?! Do you mean I don’t get the keys to the house right now?
Typically, when you have closed in escrow, this means that the lender funds have not been received yet by the title company so that they can not disperse checks to the sellers or Realtors. Even though the documents have been signed, notarized and emailed or faxed to the lender. Funds are electronically wired to the title company. We all think it takes a push of a button to send an email but sometimes the wire is held up in outer space.
Most of the time when we buy something, we do not get to take possession of…
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