Proceeds

Proceeds

The timeline for receiving your check from a title company can vary based on several factors, including the specific details of your real estate transaction. Here are some general steps and considerations that may affect when you receive your check or wire.

Closing Date:
The closing date is a significant factor. Typically, you will receive your proceeds from the sale of the property on or shortly after the closing date.

Funding and Disbursement Process:
Once the transaction is closed, CityCentral Title will go through a funding and disbursement process. This involves ensuring all necessary funds are received and disbursed according to the transaction terms.

Loan Payoff:
If there is a mortgage on the property being sold, CityCentral Title will pay off the existing loan from the sale proceeds. This process may take some time, as CityCentral Title needs to coordinate with the lender to obtain the final payoff amount.

Clearance of Funds:
After disbursing funds to cover any outstanding liens, mortgage payoffs, and other closing costs, CityCentral Title will ensure that all checks have cleared and that the transaction is fully funded.

Recording of Documents:
In some cases, the title company may need to wait for the recording of necessary documents with the local government. This step is crucial for the legal transfer of property ownership.

Distribution of Proceeds:
Once all the necessary steps are completed, CityCentral Title will distribute the remaining proceeds to the seller. This involves issuing a check or initiating a wire transfer based on the seller’s preference.

Communication with Escrow Officer:
If you have specific questions about the timeline for receiving your check, it is advisable to communicate directly with the escrow officer or settlement agent handling your transaction. They can provide you with personalized information based on the details of your case.

It is important to note that the process can vary, and unforeseen circumstances may cause delays. If you have concerns or questions about the timing of your check, do not hesitate to reach out to CityCentral Title for clarification and updates.