Since 1963, Newhall Escrow has taken pride in its ability to consistently and swiftly close the simplest to most complex of escrows.
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What determines the buyers possession of the property?
It is whatever was agreed upon in the purchase contract. Buyer and seller should negotiate a possession date and time that best coordinates with their schedule prior to opening escrow.
What is a normal escrow/lender processing timeframes?
Escrows are typically 30-45 days to give the buyer sufficient time to qualify and establish a new loan along with do necessary investigation to confirm the property is what the buyer wants. Escrows can be closed in as little as 1 week if buyer is purchasing “as is” AND all cash. In the event buyer is obtaining financing, loan documents should be in escrow roughly 5 business days prior to the closing date.
When does the seller get paid?
California State Law requires Escrow Holder to verify the transfer documents have recorded with County Recorders Office prior to disbursing any funds. Typically the Seller gets paid within 24 hours of recording. Mostly same business day, but depending on what time confirmation of recording is received by escrow holder, funds may not be available until the next business morning.
Who determines fair market value?
Fair Market value is determined by other properties that have sold and at what price in your neighborhood that are comparable to your property.
When does escrow begin to process the transaction?
Once the terms are agreed upon and the contract is accepted escrow is opened. Buyer has 3 days from acceptance to deposit money and open an account with escrow.