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Once a purchase contract has been ratified, an escrow is created (opened) and becomes the depositary for all monies, instructions, and documents pertaining to the sale. The escrow officer takes instructions from the seller and buyer, the real estate agents and the lender based on the terms of the Sales Agreement and the lender's requirements. Title insurance is issued and the Grant Deed is also prepared in escrow. Escrow cannot close until all the contractual requirements have been satisfied and after all the parties have signed the escrow documents. The change of ownership becomes official when all parties have signed the escrow documents and on the date of close, the title company records the Deed of Trust in the County recorder's office. Contact David today for further assistance in buying a home.
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