Overdue closing on house
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Overdue closing on house
I am the seller. All the papers have been signed but the escrow due to close last week has not been funded. FHA by Wells Fargo. Is the property technically still mine?Maryann
Asked on May 15, 2009 under Real Estate Law, California
Answers:
J.V., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
Of course this is a matter you should contact your attorney about. The attorney who handled the closing should be able to point you in the right direction as to who owns what.
As a matter of practice for myself a closing cannot be finalized until the funds have been transfered. Although paperwork may be signed the transfer of funds is what makes the closing final, without that the agreement will fail as it should be written in any contracts that the funding must be there before a closing can occur.
Although again I suggest you follow up with your attorney if the funds have not yet transferred you seem to still be the owner of the home but please ensure specifics with the closing attorney as well as your Realtor who can help answer your specific questions.
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