60 Minutes & Redfin

[Wendy]

Originally Posted by Karen

I'm always interested in how things are done elsewhere. When you say "we have an escrow company that handles it" do you mean they get the principles in to sign the appropriate paperwork prior to recording? Or does the mortgage company have the buyers sign at their office?

An escrow company serves as a neutral party and all paperwork passes through their hands. Any changes, addendums, change in terms, etc. must be processed through them and must be mutually agreed to before escrow can make changes.

The loan documents are typically signed at the escrow company with an escrow officer guiding the buyers through the mile hile paperwork. This usually takes place 1 week to 10 days before the scheduled closing date.

The buyer must bring in the balance of funds several days before the recording date. Once all funds are in, the loan is funded and the next day it records. The recording date was previously agreed to in the purchase contract.