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Glossary of Terms

COE

Close of Escrow. Close of escrow means essentially that a real estate transaction has been completed and that the sale is final. An ‘escrow’ is a common feature of transactions. It is an independent third party that holds all monetary funds and documents until the close of sale. The seller of the property transfers all documents to the escrow agent, who holds them until the buyer transfers the money for sale to the agent who ultimately transfers it to the seller. Once this is done, it completes the transaction and is know as the closing of escrow, or often just “the closing.”