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Tips on closing on time from an escrow company

May 9th, 2023 7:20 AM by Sam Kader MLO# 130505

We can all work together to help buyers and sellers realize the same goal: an easy and stress-free escrow closing.

  • Confirm all amendments to the Purchase and Sale Agreement are provided to the lender, and to escrow (think agreed-upon credits between the parties).
  • Provide contact information for the home warranty, if applicable.
  • Conduct client walk-through.
  • Check email and voicemail regularly for any communication from the escrow team; there may be outstanding items needed to proceed.
  • Buyer should liquidate any funds held in an investment account intended for closing.
  • Confirm all signers (buyers and sellers, or their representatives) have valid, government-issued photo ID for the notary’s purposes. Acceptable forms of ID include a Driver’s License, State ID or Passport. If the legal name on the client’s identification does not match the way their name appears on the Purchase and Sale Agreement, contact escrow immediately.
  • Please return Statement of Information to escrow immediately if one was given to you. 
  • Buyers and Sellers: attempt to clear your schedules in the days leading up to closing, to make sure you are flexible and available for the final signing appointment, which will be coordinated by your escrow team. 
  • Agents will receive an advance copy of the estimated settlement statement. Please make time to carefully review this draft version and notify your escrow officer if adjustments are needed.
  • Sellers can expect to be contacted by escrow 3-7 business days in advance of the closing date, to have their signing appointment scheduled.
  • Buyers can expect to be contacted 1-2 business days in advance of the closing date (after loan documents are provided to the escrow officer), to have their signing appointment scheduled.
  • This is the point during which escrow can confirm the exact amount of closing funds the buyer is required to deposit. If depositing funds one (1) day in advance of closing, buyers may deliver a cashier’s check payable to an escrow company. Otherwise, buyers may initiate a wire transfer up until the morning of the scheduled closing date. However, I recommend that you do not wait until the last minute as lender would require proof of wire transfer and wire receipt from escrow prior to closing. 
  • On the morning of closing, your escrow officer will be working to satisfy any conditions set forth by the lender before loan funding is approved. As soon as the lender has reviewed and approved all signed closing documents, they will authorize escrow to proceed with closing.
  • Upon receipt of the loan funding proceeds, escrow will release documents to the County Recorder’s Office. All parties to the transaction will receive notification of release, and after the County performs recording, escrow will then communicate recording numbers to all parties.
  • Once recording numbers are available, escrow is then positioned to disburse all funds, and the transaction is deemed officially closed. 
Posted in:closing on time and tagged: closing on time
Posted by Sam Kader MLO# 130505 on May 9th, 2023 7:20 AM

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Pacific Coast Financial LLC

Lic# MB 78982

2150 N. 107th Street Suite 170
Seattle, WA 98133