Closing Terminology

When someone calls to start an escrow, we know where they’re calling from…California.  

Each state has different terminology when it comes to closings.  In California, an escrow is opened where the title company holds all the documents and money until the disbursement date.  The parties may sign the documents days before the funds are actually sent out.  While the escrow process in California is different, it is not unusual for each state to have it’s own customs and processes for a closing.   Some states are ‘dry’, where everything is signed one day and funded on another day.  Some states are ‘wet’ where the signing and funding occur on the same day.   

Buyers from California are surprised that they must have their money wired into an escrow account on or before the closing date because, in Georgia, funds are dispersed the day of closing.   

Choose a closing attorney who understands the legal requirements to close a real estate purchase and who can explain it to the other parties involved in the transaction.