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COE - California style

By
Real Estate Agent with John Aaroe Group CalBRE 01274989

 Here in Los Angeles, assuming (hah!) everything has gone well and/or any problems have been resolved by all parties, the last week of an escrow transaction usually involves tying up loose ends.  The loan documents are signed by the buyers, listing agents scurry to get termite clearance and retrofitting compliance certs to the escrow company, and the buyers do their final walkthrough of the property to verify that the property is in the same condition as when they first set eyes on it and any agreed to repairs have been made.   The loan docs get returned to the lender, the loan funds, and then recording is set up for the final day.  There's no meeting of the parties at the end of the transaction, often, the buyers don't meet the sellers, the buyers' agent doesn't meet the listing agent, and there are no attorneys anywhere to be seen.   On the final day, the buyers' agent gets a call from the escrow company saying that the recordation has taken place and the agent calls the buyers to congratulate them and make arrangements for the keys; that's it, no big display of fireworks at the end.  Believe me, this is over-simplified and in most cases, the road to the close of escrow is paved with many tears, booby-traps and bumps, but the above about sums up what takes place in the last seven days.    I understand that in other states it's a whole different procedure involving the buyers, sellers, agents and attorneys in one sitting.  Compared to California, it sounds very stressful and possibly contentious.  What role does the attorney play and how do you close an escrow in your state?