What is the difference between the signing date and closing date?
The signing date is when the buyer and seller sign the final documents – which typically happens a few days prior to the closing date. The closing date is the day on which funding and recording take place.
Why does the escrow company sometimes call at the last minute to schedule the signing appointment?
In order to schedule the signing appointment, the escrow company must have received the buyer's loan documents from the lender. These loan documents sometimes arrive close to closing, resulting in a need to set signing appointments quickly in order to close the transaction on the anticipated closing date.
Can I sign documents on the closing date and still close that day?
Not typically. However, there are exceptions to every rule. Some lenders, called table funders, do not need to review the signed documents prior to funding the loan. This sometimes allows clients to have the ability to sign and close all on the same day. However, due to time restrictions with wire transfers and recording, this route is not recommended if all parties desire to close on the scheduled date.
When will I find out how much money I need for closing?
Upon receipt of the loan documents the closing agent will be in a position to calculate how much money is due. With the loan documents the lender includes written instructions that detail the loan fees.
Can I write a personal check for the funds due for closing?
No. Washington State law states that funds must be guaranteed. Your funds must be in the form of either a cashier's check, drawn on a Washington State Bank, or a wire transfer.
When does the escrow company need my money?
If you are paying in the form of a cashier's check, funds are typically brought to the signing appointment. However, due to potential timing challenges, that may not be an option. The cashier’s check must be received by the escrow company by 3:00 p.m. one day prior to the anticipated closing date. If you are paying in the form of a wire transfer, it can be received on the day of closing. Keep in mind that you should try to have it in escrow one day prior to closing to avoid any delays.
From whom do I get the keys?
Washington State law states that the delivery of keys is a matter of possession, and therefore must be coordinated through your real estate agent.
When can I get the keys?
On your first day of possession, which is stipulated on the Purchase and Sale Agreement.
Why is my payoff so high? My last statement said my balance was less.
Typically your monthly statement shows only your principal balance. This is not your payoff. A payoff consists of principal balance, interest and any miscellaneous fees charged by the payoff lender, such as demand fees, fax fees, recording fees, etc.
When do I get my proceeds?
On the day of closing, when it has been confirmed that all funds are received and the transaction has recorded, your funds will be available.
What time can I pick up my money on the day of closing?
Due to the events taking place on the day of closing, most transactions are not completely closed until after 3:00 p.m.
What are the different ways I can receive my proceeds at closing?
The three most common ways to get your proceeds are to pick up the check at the escrow office, have funds wire transferred to your account, or via express delivery (UPS).
Will this transaction close on time?
Every transaction is different with different variables required to close. The Escrow Group will work diligently with all parties involved to ensure a smooth and on time closing.
Can you do out-of-office signings?
Yes. Our account managers are happy to meet with clients and sign their documents at their agent’s office, and at a convenient signing time.
Where can my clients sign?
Clients can sign at any of our branches, at the real estate agent's office, or any other mutually agreed-upon place, depending on availabilty and/or timing.