The closing process in a real estate transaction marks the final step in transferring ownership of a property from the seller to the buyer. In Washington State, understanding the timeline for signing closing documents is important to ensuring a smooth and timely transaction. Here’s a breakdown of what to expect during this stage.
1. Escrow Coordination
After the purchase and sale agreement is signed, the escrow officer or closing agent begins preparing the necessary documents. This process typically includes:
- Gathering information from the buyer, seller, and lender.
- Ensuring all conditions of the contract are met, such as inspections, repairs, or contingencies.
- Coordinating with the lender to finalize the loan documents.
This stage can take anywhere from a few days to several weeks, depending on the complexity of the transaction.
2. Scheduling the Signing Appointment
Once all documents are prepared and ready, the escrow officer will schedule a signing appointment. This is typically done:
- 2-3 days before closing day to allow time for the documents to be returned to the lender for review and funding authorization.
Appointments are usually scheduled at the escrow office, but mobile notary services may also be an option for convenience.
3. The Signing Appointment
During the signing appointment, the buyer and seller will review and sign the documents required to finalize the transaction. Here’s what each party typically signs:
- Buyers: Loan documents, disclosures, and settlement statements.
- Sellers: Deed transfer documents, payoff statements for existing mortgages, and settlement statements.
This appointment typically lasts about 30 minutes to an hour.
4. Lender Review and Funding
After the documents are signed, they are sent to the lender for a final review. The lender ensures all documents are properly executed and may issue the funding authorization. This step usually occurs:
- The same day or the next business day after the signing appointment.
5. Recording the Deed
Once the lender funds the loan, the escrow officer sends the signed deed to the county for recording. This step officially transfers ownership of the property to the buyer. In Washington State, deeds are typically recorded:
- The same day the loan funds, as long as all conditions are met and the recording is completed before the county recorder’s office closes.
6. Keys and Possession
After the deed is recorded, the transaction is officially closed. At this point:
- The buyer can receive the keys to their new home.
- The seller is no longer the property owner and must vacate, if they haven’t already done so.
Key Takeaways
- The signing appointment usually happens 2-3 days before the closing date.
- Timing can vary depending on the lender’s review process and the county recorder’s office schedule.
- Communication with the escrow officer and real estate broker is essential.
Understanding the timeline and staying prepared can help everyone navigate this final stage of the real estate transaction. If you have questions or concerns about your closing process, don’t hesitate to contact your escrow officer or real estate professional for guidance.