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Sep. 15, 2010 - When Do You Sign Escrow Papers?

Real Estate Google Keywords - Below is a question someone asked in a Google Search today that landed them on my Blog.  I'm not sure if the people searching found the answer to their question, so thought it might me a good idea to answer that question directly, just in case.

Question #1 - When do you sign escrow docs when buying a house?

Usually within 1 to 3 business days of the loan documents arriving at escrow.

Generally if you are closing on Friday the 25th (as example) Loan documents would arrive the Friday or Monday before that, and the Buyer would sign on Tuesday or Wedneday for a Friday closing.

Usually the LATEST a buyer can sign escrow docs is the day before closing, before 3 p.m. or so. AFTER you sign the papers they have to be physically sent back to the lender (some lenders allow a fax, but not many). The lender has to review the papers you signed before they will "release for funding". They generally have to go back to the lender via Overnight Fed Ex, so if you sign too late in the day the day before, you miss the overnight Fed Ex truck.

After the Lender "releases for funding" (usually by noon the day of closing) the escrow company "releases for recording" and that usually has to be done by 1 in the afternoon or so the day of closing. Then the actual closing is a call from the County (usually between 4 and 5 p.m.) saying "We have recording numbers."

It's ALL about the Loan Docs getting to escrow, and the closing papers are drawn up from those Loan Docs, which takes some Escrow Companies about an hour and others 72 hours. So staying in touch with the lender until they send the Loan Documents to Escrow is KEY! Escrow can't help you until after they have those Loan Docs. If it is a Cash Purchase...you can sign anytime you want. 

If you are purchasing with an FHA Loan the agents (both the seller's agent and the buyer's agent) AND the Seller often have to sign one of the papers in your Loan Documents...so you will need an extra day or two in most cases.

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ARDELL DellaLoggia of Sound Realty on Seattle Real Estate process and market including Kirkland, Bellevue, Redmond, Green Lake and most areas around the top of Lake Washington North of Downtown Seattle. Phone: 206-910-1000 - Mailto:ARDELLd@gmail.com

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