After the emotional ups and downs of the entire process of executing a real estate transaction, the closing process is the final step. This is also referred to as the “Settlement” or “Escrow” process. In Ohio, this process is carried out by a real estate escrow and title company mutually agreed upon by the buyer and seller in the negotiation stage of the transaction. During this process, the title company will collect all necessary information from the title examiner, mortgage company, real estate agents, buyers and sellers to prepare the title to be transferred to the you, the new owner.
The entire escrow process usually takes about 30–45 days to complete based on factors such as the financing conditions and appraisal, successful property inspections, title exam and property survey. At the end of the escrow process, both buyer and seller will schedule a time to execute the final closing documents. In most jurisdictions, the title to the property is officially transferred to the new owner upon the execution, delivery and recording of the deed at the county recorder’s office.
