proceeds-faqThere are a lot of moving parts taking place at the close of your escrow.

It is only after all things required to transfer the real property into the buyer’s name are verified that your escrow officer can disperse any funds.

The two most significant things are as follows:

  1. Confirmation from Title Company that the Grant Deed has been recorded with the County Recorder’s Office, verifying the transfer of your real property into the Buyer’s name/ownership. Confirmation from the Title Company usually does not happen until the afternoon.
  2. Receipt of all Buyer’s funds into Progressive Escrow’s Trust account. This includes funds wired by the Buyer from their bank and/or funds from the Buyer’s Lender.

Sellers Proceeds are usually dispersed to the seller the following business day. On your Instructions for Proceeds form, provided to you in your Opening Escrow Package, we highly recommend that you request a Wire Transfer and not an Escrow Check. Wired funds are good funds on the same day.

A check deposited into your bank can have a hold placed on it for any number of days. It is our policy, without exception, that once an Escrow Check has been delivered to a party there will be a 7 business day turnaround to have a stop pay issued on a check and the funds re-dispersed to you as a wire transfer.