Frequently Asked Questions

Why is a “refundable pad” listed on my estimated closing statement?

The amount of funds requested from a Buyer for closing is based on the most current information available to the Escrow Officer at the time the file is figured. If the closing date changes or fees are revised, the Escrow Officer must have sufficient funds in the escrow to make adjustments and to pay all the closing costs. A “refundable pad” or “buffer” is used in making these final adjustments, and all unused money is refunded to the Buyer at close of escrow.

After the Buyer signs the loan documents, when will the escrow close?

The closing date is established by the parties and stated in the Purchase Contract. Typically, the escrow will close 2-3 days after the Lender has received the signed loan documents. During this time, the documents are reviewed by the Lender, and the loan funding is scheduled. The Escrow Officer will work closely with the Lender to coordinate the scheduling of these final details.

When can the Buyer receive the keys and who will provide them to the Buyer?

When the Escrow Officer confirms that the recording is completed, the Real Estate Agents are notified and the keys can be provided to the Buyer by their Agent.

Why can’t the Escrow Officer accept a personal check at the time of closing?

An Escrow Officer is only allowed to close an escrow when all deposited funds have been collected or cleared. Deposits by personal check are subject to clearance and verification of payment by the financial institution on which the funds were drawn. The check clearing process may be delayed one (1) to ten (10) business days if the check is drawn on an out-of-state bank. The Escrow Officer will request closing funds in the form of a wire transfer or cashier’s check in order to prevent closing delays.

What should the Buyer bring to their document signing appointment?

The Buyer must present identification in a form acceptable to the Notary Public. The identification must be current or have been issued within five (5) years. Common forms of acceptable identification include:

  • An Identification Card or Driver’s License issued by the California Department of Motor Vehicles
  • A Driver’s License issued by a state other than California or by a Canadian or Mexican public agency authorized to issue drivers’ licenses
  • A passport issued by a foreign government
  • A passport issued by the Department of State of the United States
  • An identification card issued by any branch of the armed forces of the United States

When should the Buyer deposit their closing funds?

The Buyer’s funds in the form of a wire transfer, cashier’s check or official check must be deposited in escrow 24 hours prior to authorization of recording with the title company.

At closing, when can the Seller expect to receive the net proceeds?

Once the recording is completed, the Escrow Officer must wait for written confirmation that the Buyer’s loan proceeds have been received by our Bank.

  • If the Seller requests the net sale proceeds in the form of a WIRE, it will be sent on the next business day after this information is received.
  • A standard trust accounting check can be issued on the same day that confirmation is received from our Bank.