COE is yet another acronym in real estate that confuses buyers, sellers, and even real estate agents! Because of this let’s unravel the mystery.
COE is an acronym for Close of Escrow. Close of escrow is the full stop on any real estate transaction. It is the final thing to happen. It is a time of relief and joy for both the buyer and seller.
So what exactly is being closed?
Great question!
Escrow is also known as an escrow account. Therefore the Close of Escrow (COE) is when the escrow account is closed.
Simple enough. Lets use an example.
Let’s say you have a bank account. You want to close it. You ask the bank what you need to do to get it closed. You follow the steps and at the end of them you can close your account.
When referring to buying or selling your house, Close of Escrow (COE) refers to when the escrow account associated with the sale of a property is closed.
Close of Escrow may take place on the same day as the closing date. COE may occur after the closing date. The escrow account will never close before the closing date.
