close escrow

USAGE SUMMARY

The phrase "close escrow" is correct and usable in written English.
It is typically used in real estate transactions to refer to the process of finalizing the sale of a property, where the funds and ownership are officially transferred. Example: "We are scheduled to close escrow on the new house next week."

✓ Grammatically correct

News & Media

Wiki

Human-verified examples from authoritative sources

Exact Expressions

21 human-written examples

The pricey Los Angeles area market saw 8,011 transactions close escrow last month.

Forbes

The city expects to close escrow in September.

Los Angeles Times

It's about to close escrow for $810,000 $41,00000 over the asking price, Sulpor said.

Los Angeles Times

Sometimes celebrities withdraw their homes from the active listings when they have a signed contract and expect to close escrow.

Huffington Post

The board told that bank, "then don't close!," but the bank relented and the buyer was able to close escrow.

Los Angeles Times

Home warranties are one-year service contracts that cost $220 to $300 and go into effect when you close escrow.

Los Angeles Times

Human-verified similar examples from authoritative sources

Similar Expressions

39 human-written examples

"The F.B.I. raided one of our buildings — two days before we closed escrow," Mr. Pino said, explaining that a tenant was dealing crack cocaine from an apartment.

The New York Times

L.A. Times Hot Property: Patrick Dempsey, "Grey's Anatomy" hearthrob, sells $2.5 million home; Doris Day's home selling for $5.25 million; Nick Lachey closed escrow last week on the $5 million Bel-Air honeymoon home of singer-songwriter Seal and his wife, supermodel Heidi Klum.

The New York Times

One of the largest land conservation deals in state history was completed when the state and two conservation groups closed escrow on Friday on a $95 million agreement to preserve the Hearst Ranch.

The New York Times

Umansky and Trista Rullan brokered a deal, which closed escrow last week.

Forbes

By now, you've probably heard the terms "closing" and "escrow" thrown around, but a lot happens between offer acceptance and closing escrow.

Forbes

Expert writing Tips

Best practice

When writing about real estate, use "close escrow" to clearly indicate the final stage of a property transaction, ensuring all conditions are met and funds are transferred.

Common error

Avoid using "close escrow" interchangeably with earlier phases like 'under contract' or 'pending'. "Close escrow" specifically denotes the finalization of the sale.

Linguistic Context

The phrase "close escrow" functions as a terminological phrase within the real estate domain. As Ludwig AI states, it signifies the culmination of a property transaction. The verb "close" acts upon the noun "escrow", indicating the completion of the escrow process.

Expression frequency: Common

Frequent in

News & Media

70%

Wiki

15%

Formal & Business

5%

Less common in

Science

3%

Encyclopedias

3%

Academia

2%

Ludwig's WRAP-UP

In summary, "close escrow" is a common and grammatically correct phrase used in real estate to denote the finalization of a property transaction. As Ludwig AI confirms, this term is well-established and understandable, frequently appearing in news and media. When writing, it's essential to use "close escrow" accurately to represent the final stage of a sale, not to be confused with earlier phases. Alternative phrases like "finalize the real estate transaction" can be used for variety, but "close escrow" is direct and widely recognized in the context of real estate dealings.

More alternative expressions

Phrases that express similar concepts, ordered by semantic similarity:

Finalize the real estate transaction

Replaces the specific term "close escrow" with a more general description of the action.

Complete the property purchase

Focuses on the buyer's action of purchasing the property.

Conclude the sale

Emphasizes the end of the selling process.

Settle the real estate deal

Highlights the resolution and agreement aspect of the transaction.

Transfer property ownership

Focuses on the legal transfer of the property from seller to buyer.

Complete the home buying process

Highlights the entirety of the home buying experience.

Execute the purchase agreement

Focuses on the legal document formalizing the sale.

Take possession of the property

Emphasizes the buyer's gaining control and access to the property.

Acquire the real estate

Focuses on the act of obtaining the property.

Effectuate the real estate transaction

Uses a more formal term for making the transaction effective.

FAQs

What does it mean to "close escrow" in real estate?

In real estate, to "close escrow" means to finalize the purchase of a property, where all conditions are met, funds are transferred, and the ownership is officially transferred to the buyer.

What happens during the "close escrow" process?

During the "close escrow" process, all remaining paperwork is signed, funds are distributed, and the deed is recorded, officially transferring ownership of the property.

What can I say instead of "close escrow"?

You can use alternatives like "finalize the real estate transaction", "complete the property purchase", or "conclude the sale" depending on the context.

How long does it typically take to "close escrow"?

The time it takes to "close escrow" can vary, but it generally ranges from 30 to 60 days, depending on factors like financing, inspections, and any contingencies.