"Escrow closes when: The buyer's lender funds the loan. All required payments, including closing costs, are collected and distributed. Both buyer and seller have signed all necessary documents. The deed is officially recorded with the county or local jurisdiction. Once escrow closes, or "ends," the seller receives payment, the buyer becomes the legal owner of the property, and the escrow account tied to the transaction is closed."
"The close of escrow is the moment when the transaction is officially complete. At this stage, all contractual obligations have been fulfilled, funds are disbursed, the deed is recorded, and the buyer becomes the legal owner of the property. It serves as the final checkpoint between signing the purchase agreement and taking possession of the home."
Close of escrow is the final step that completes a property sale, disburses funds, records the deed, and transfers legal ownership to the buyer. Escrow is a neutral arrangement in which a third party holds money, documents, and assets until both buyer and seller meet contract obligations. Escrow closes when the lender funds the loan, required payments and closing costs are collected and distributed, all parties sign necessary documents, and the deed is recorded with the county. Once escrow ends, the seller receives payment, the escrow account is closed, and the buyer obtains possession. Close of escrow and closing date can differ in timing and meaning.
Read at Redfin | Real Estate Tips for Home Buying, Selling & More
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