Real estate glossary
Close of escrow
Also called: Closing, COE, Closing date
The day the sale is complete: the deed is recorded, the buyer becomes the owner and the seller is paid.
Close of escrow happens when every condition is met, the buyer's funds are in, and the deed is recorded with the county. Ownership transfers at recording.
Your proceeds are typically sent by wire or check on the day of closing or shortly after. When the buyer gets the keys depends on the possession terms in your contract.
What it means for you as a seller
Your contract sets the closing date and when you must move out. If you need extra time in the home, negotiate it in writing in advance.
Related terms
- RecordingFiling the deed and other documents with the county recorder so the change of ownership becomes part of the public record.
- Grant deedThe document that transfers ownership of the home from seller to buyer; it is recorded with the county at closing.
- Settlement statementThe final itemized accounting of every charge and credit in the sale, showing how much the seller receives.
- EscrowA neutral third party that holds the money and documents for a home sale and releases them only when every condition is met.
Not legal or tax advice. These explanations are general information to help you follow your own transaction. Laws, forms and customs vary by state and county, and the terms of your own contract always control. For advice about your situation, talk to your real estate agent, a real estate attorney or a tax professional. Last updated .