Escrow is closed! We all love to hear that, but what does it really mean? The close of escrow is the day that the documents are recorded and title passes from the seller to the buyer. The buyer becomes the owner of the property and the seller has access to the proceeds of the sale.

One issue that can arise on the close of escrow is possession of the property for the buyer. Some transaction allow for immediate occupancy and others allow the seller to remain in the property for a specified period of time. As the buyer of the property please make sure you understand when you have physical access to the property.

You don't want to be moving into the property while the seller is occupying the property. This will cause issues at the end of the transaction and should be avoided. Remember that this can also be an issue with vacant properties. The seller may need to complete repairs or clean the property.

All parties should be clear about when the buyer has physical possession of the property. Don't let a last minute detail ruin a great transaction

Please feel free to contact me here if you have any questions.