We lived a little west of Logan Square (about 10 blocks west just north of Fullerton) in the early 60s. It was a heavily Polish-Catholic working neighborhood. I went back to see our old apartment about 20 years ago and that neighborhood was heavily Catholic-Hispanic (the parish school was still open). Guess it’s gentrifying these days.
The ownership of property officially changes hands on the day that the Deed is recorded. From that point on the new owner is responsible for utilities, property taxes, property insurance, etc. So, a portion of my carrying costs are transferred to the new owner.
BUT, here’s where it gets tricky on both sides of the transaction… the loans don’t officially stop ticking until they are paid off. Loans that are recorded as liens against the property (as Trust Deeds/Mortgages) and being paid off inside of escrow usually will stop incurring interest on the date of the ownership change (recording of Grant Deed). But I have some private loans that I cannot pay off until I receive the monies into my bank account. That means that interest on those loans will keep being charged until Monday or Tuesday when I can pay them back. But, I’m not being paid my daily per diem which covers those costs. The Buyers stop paying the per diem on the date the deed records.
On the other side of the transaction… if a Buyer ‘funds’ their bank loan (meaning that their bank has wired in the funds for the loan to the Escrow or Title Company), but the deed does not get recorded until Monday… the Seller still owns the property and is liable for property insurance, condition of the house, property taxes, utilities, etc. BUT the poor Buyer is paying interest on that loan from the day it funds. So they have paid interest for 3 or 4 days (Friday, Saturday, Sunday and Monday) until the Deed is recorded. If you check the fine print of the standard California purchase agreement, Buyers cannot take possession of the property until 5pm or after on the day it ‘closes’. I will usually put in a specific condition that I take possession at 10am on the Date of Recording if I know I need to get to work immediately on a project.
The term ‘closes’ refers to the day the Grant Deed is recorded (not the day the bank funds the purchase).
The documents have made it to escrow via email. Soon they will be on their way to a Notary Service in Chicago.
It turns out that the lender will allow the signed documents to be scanned back to Escrow by the Notary and ‘reviewed’ by Escrow. They will probably review them Friday morning. Upon review, the lender will wire the money to Title. There is a chance this will get funded and then recorded Friday afternoon.
cb, that would be awesome!! How soon can you draw on the funds?
Woweeeeee!
The funds issue always irks me. If they record the deed in the afternoon, the Escrow Officer always tells me “We cannot wire your disbursement until the Title Company gives us their final numbers”. What final numbers? Everything is calculated by the Escrow Company. The only final numbers that the title company might give to Escrow is the cost for recording the documents (since they do that part) and the cost for title insurance.
Both of these costs are easily calculated. The County Recorder has set fees for recording and the title insurance cost is already known. I’ve never understood why we have to patiently wait for the Title Company to do something. Anyways, money doesn’t come until the day after - which in this case will be Monday. Ugghhh…
Yay! Light at the end of the tunnel!
Hoping it all happens in time for you to receive the funds Friday afternoon!
Crossed fingers once again!
Omg, fingers crossed!!!
Your buyers are sooo lucky that they found your house. RE in SAN is crazy. Even the Cat’s House was gutted to accommodate humans.
What?? There was a cat infested house and I missed it? I’m sure it would have been my next great ‘opportunity’!
I’m actually on House Search #4 already 
4 - perfect!!!
This is the Cats’ House:
Imagine having to remodel that!! 
Ohhhhh, yes, the Cats’ House. I saw this a few months ago. I thought it was rather clever, although I don’t love cats enough to live in it.
From direct experience, I can tell you that cat urine/spray odor is one of the most impossible things to get out of a house. In my very first purchase - which I got at foreclosure auction without even being able to see the exterior of the home - had a closet that was obviously where they had litter boxes or something. I tried every product on the market and the smell would just not go away. Had to tear out the drywall, bleach the inside of the walls and re-drywall the closet.
The prior owner was a real piece of work. He got halfway through a remodel and I guess ran out of money. Neighbors told me that he ‘rented’ the townhouse to two different people after he vacated. Problem was, he did not mention to each person that they would be sharing with each other. So, they both showed up to move in and had to live there for a bit until they could find other accommodations. Meanwhile, one of the tenants actually cut a 1’ x 1’ hole in bedroom wall so that their cat could go in and out - obviously to the litter box in downstairs closet !
Loan documents arrived via Fed Ex already this morning and it looks like the bank will ‘fund’ the loan before noon and we will be recorded by this afternoon.
But, I’ve got to wait for the final numbers before I can do the big Reveal - final budget dollars
Woohoo!!
And happy for the new owners too!
Great news! Congrats!
=D> 
Congratulations! It’s been a long journey, but you can be very proud of the work you did and the new owners will certainly enjoy this house.
Eager to hear all the details!