Crunch Time to Close Escrow

The last week before escrow closes is really crunch time. There are a lot of details that need to be completed before ownership can transfer to the buyer. In this video, we’re going to talk about those last-minute details.

 

During escrow, both the Buyer and the Seller are required to sign a lot of documents. Those documents can be signed through an electronic signature program, by DocuSign or DigiSign, or some other program, but the last set of documents that are prepared by the title company requires a wet signature with a notary. What’s a wet signature? Well, a wet signature is when you actually have to physically sign with a pen in the presence of the notary.

 

The title company will make all the arrangements for the notary to meet you. They’ll go to wherever it is convenient for you, whether it’s at your home or your office, or you can even meet at the title company. But make sure you check with your agent because sometimes there are extra notary fees if they’re meeting you in the evening or over the weekend. And please, make sure your agent knows if you have any trips planned, whether business or pleasure, during the escrow period.

 

When you sit down with the notary, the notary will explain every single document that you’ll be signing. A lot of the documents, if not all of them, will look very familiar because you’ve already signed them. Seems redundant, and it is, but it’s for your own protection. Once all the documents are signed, the Buyer sends in the rest of their down payment, and the Lender funds the loan, then the title company submits to the county for recording. Once it’s recorded with the county, the transfer of ownership occurs, and the buyer can take possession of the property.

 

Make sure you check the purchase agreement as to the agreed-upon time the seller must vacate the property. The Buyer’s agent will make all the arrangements to get the keys and get them to the new owner.

 

There are a lot of moving parts in the last little bit of escrow but it’s all worth it in the end. The buyer has a new home, and the seller moves on to their next adventure.