Close of escrow is a term commonly used in real estate transactions to signify the final step in the process where the sale of a property is completed. Here’s a more detailed breakdown of what it involves:

1. Completion of Conditions: All conditions of the purchase agreement are met. This includes inspections, appraisals, and any contingencies that were part of the contract.

2. Final Paperwork: All necessary documents are signed by both the buyer and the seller. This typically includes the deed, bill of sale, and any other legal documents required for the transfer of property.

3. Funds Transfer: The buyer provides the necessary funds to purchase the property, which are usually handled through the escrow account. The escrow company ensures that these funds are appropriately distributed.

4. Title Transfer: The property’s title is transferred from the seller to the buyer. The escrow company typically handles the recording of the new deed with the appropriate government office to officially reflect the change of ownership.

5. Closing Costs: Both parties settle their respective closing costs. This can include fees for title insurance, escrow services, and other transaction-related expenses.

6. Possession: The buyer receives the keys and takes possession of the property, assuming no other arrangements have been made.

In essence, the “close of escrow” is when the transaction is finalized, all legal and financial requirements are satisfied, and the property ownership officially transfers from the seller to the buyer.