The escrow process can be both exciting and scary, making it a high pressure time for many buyers and sellers. When you're looking for escrow answers, Best Escrow, LLC is always here to offer advice and support.
Q: What is the difference between signing and closing?
A: Signing occurs when documents are signed by the borrower and seller, which usually takes place at least two days before the closing date. Closing is the date when documents are recorded and funds, if any, are available to the seller. Closing signifies the end of the purchase process.
Q: How much money do I need for closing and when do I need it?
A: Prior to signing and closing, your escrow company receives loan documents with escrow instructions and fees from the lender. Our team will prepare an estimated "Settlement Statement/HUD" based on all fees to the transaction and contact you with the amount of funds, needed for your down payment and closing costs. These funds will need to be deposited at escrow at least one day prior to closing, making it important to stay in contact with us.
Q: Can I write a personal check for down payment and closing costs?
A: Unfortunately, no, they take to long to clear.
Deposits by the buyer or seller must be one of the following:
• WIRE TRANSFER received by the escrow agent's depository (Bank).
• A CASHIERS CHECK, (from a Washington State Bank if amount is under $50,000, otherwise it will need to be wired.)
Q: Do I need to bring anything to closing?
A: Yes. For borrowers, most lenders require two forms of ID to be presented at signing, one being a valid state photo ID. Others can be a passport, car insurance card, utility statement, or prior year tax returns. For sellers, a valid state photo ID or passport should be sufficient.
Q: When do I get my keys?
A: Your real estate agent will arrange for the exchange of keys on the day of closing. If no agents are party to the transaction, the buyer and seller can coordinate a time to exchange keys.
Q: How do I know when our transaction has closed?
A: The escrow officer will call the buyer, seller and real estate agents and tell them that the documents have been recorded and the escrow has funded.
Q: Do we both have to be present at the signing?
A: All parties coming into and going out of title need to be present to sign documents. Signing appointments can be at the same time or at separate times, and on occasion may need to be sent via e-mail or overnight mail. We will always do our best to work around your schedules to accommodate everyone's needs.
Q: How do we know our personal information is kept confidential?
A: We do not distribute any of your personal information to anyone that is not a party in your specific transaction. If there is any question as to the relationship of the inquiring party, we will require written verifiable proof as to the need of the requested information.
When you want an escrow agent you can trust, our team is always here to stand by your side!
Make the best possible choice for your home buying process with help from Best Escrow, LLC