The close of escrow is the final step in the selling process where all the necessary legal and financial documents are signed, and ownership of the property officially transfers from the seller to the buyer. During the escrow period, a neutral third party, known as the escrow agent or title company, holds onto funds and documents related to the transaction until all conditions of the sale are met. At the close of escrow, the seller receives the agreed-upon sale proceeds and the buyer receives the keys to the property.
