Rocker Peter Frampton will celebrate the 35th anniversary of the blockbuster Frampton Comes Alive! in a concert Friday.
Escrow and closing. Finally, you may hear someone refer to the âclosing of escrow.â Thatâs when your purchase is completed. A closing or âescrow officerâ will oversee the final paperwork and handle the exchange of funds and recording of deeds. This person, sometimes an attorney, will ensure that all the money is properly disbursed, that the documents are signed and recorded, and that all necessary conditions are met before closing the escrow.
When buyers and sellers agree to enter into a real estate transaction, they're said to have entered escrow. Escrow itself is a deposit of funds into an account neither the buyer nor the seller controls. Sellers only can back out of escrow under certain defined circumstances. When sellers try to cancel a real estate escrow, they face the possibility of legal actions taken by the buyers. For a real estate transaction to be legal, a signed agreement must exist between a buyer and a seller.