In California, the date a real estate purchase is “closed” is the date when the grant deed is recorded at the County Hall of Records.
Under the escrow procedure used in the western part of the United States, there is no closing table; no settlement room. The grant deed is delivered to the County Hall of Records by a title company representative. The agents, the buyer and seller are not present.
However, before the grant deed can be delivered to the Hall of Records, the loan must be funded, and before the loan can be funded, the buyer must sign loan documents.
The appointment to sign loan documents is one of the most important dates on a homebuyer’s calendar.
The documents will consist of a promissory note and a deed of trust, plus many, many pages of statements, disclosures, riders and affidavits. The promissory note and the deed of trust are the two core documents that evidence your promise to pay; and secure the property as collateral for the debt.
In California, a “Deed of Trust” is the legal instrument used to secure the debt, not a “Mortgage”; however the word “mortgage” has become so commonly used that people often use that term to mean a “Deed of Trust”.
The loan documents are usually signed at the escrow officer’s office. However, Bob Taylor Properties has licensed notaries on staff, and as your agent, we can arrange for you to sign the documents in our office on a weekend, or in the evening. Traveling notary signing agents are another option if you need to sign the documents at your own home or business location.
Would you like to know more? Call Bob Taylor Properties at 323-257-1080 or email at [email protected]