After the property appraisal and the final underwriting by the lender to make sure that they have everything they need in place to be able to fund the loan, the lender “draw docs”. The “docs” being the note and deed of trust, all accompanying disclosures and addenda that the buyer must sign before the lender can fund the loan.
It can take up to 48 hours from the time the final approval is given by the lender until the documents are received by Escrow. Escrow then contacts the buyer and sets an appointment for them to either come into the escrow office and sign “docs” or to send a traveling notary to the buyer’s home/ office (usually at an extra charge).
After the loan docs are signed Escrow packages them with other documents such as an estimated closing statement, and return all the documents to the lender. The lender is likely to receive the documents back the same day or next day the buyer has signed them.
The lender can take up to 72 hours after receiving the signed documents back to check and review them before setting up a funding date to issue the funds. The funds are then by the lender to Escrow and recording of the Grant Deed is scheduled for the next business page after the funds are received.
In California, an escrow is “closed” the day that the Grant Deed is recorded at the County Recorder’s office. The moment the Grant Deed is date-stamped by the County Clerk is when the ownership of the property changes hands.
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