What's Involved in Closing On Your Seattle Home | AlkiHomes.com
Certified Residential Specialist

Closing your Seattle Home Purchase

Once you have a contract, there is still a ways to go before we reach the finish line. There are many moving parts to keep track of.

Rest assured that I will stay in close contact with you, your lender, the escrow officer, and all other individuals involved to make sure that all parties are staying on target to achieve a successful and on-time closing.   

Here are answers to some commonly asked questions regarding the Closing process.

  • What is “Closing?” What is “Escrow?” In Washington State, “Closing” occurs when the deed is recorded at the County Recorder’s office and the title is transferred from seller to buyer. “Escrow” is a neutral third party.   Escrow provides a central deposit and disbursement point for documents and monies pertaining to the transaction.    The Escrow officer ensures that the transaction is closed according to standard procedures and according to the written instructions of the contract.  For example, the Escrow closer may be a title company, an independent escrow firm, or an attorney specializing in real estate transactions.
  • What is the difference between the signing date and the closing date?The signing date is when the Buyer and Seller sign their final documents. This typically happens a few days prior to the closing date. The closing date is the day on which funding and recording take place.
  • Will the sale close on time?  What can I do to help?The most critical aspect to a sale closing on time is the final loan approval and release of loan documents for buyers to sign.  Buyers should keep in close contact with their Loan Officers and provide all requested information immediately to ensure their loan is being processed in a timely manner.  Do not make any unusual or large purchases before you close on your home – doing so can trigger additional credit checks or underwriting delays.  Hold off on buying that new sofa until you have the keys! 
  • I need to be out of town prior to the signing and closing date.  What do I do?Advance notice and planning is the key here.  Going out of town at the last minute can cause delays and put your entire transaction at risk. With advance notice, arrangements can be made to facilitate your signing either through a Power of Attorney or by a notary who will meet you to oversee your signing and deliver your signed documents overnight to your escrow closer.  Notify your broker, loan officer, and escrow officer as far in advance as possible of your expected absence so a plan can be worked out that will ensure an on time closing. 
  • How much time will I need for my signing appointment?A typical buyer signing appointment with loan documents will last 60 minutes or more.  Appointment times vary depending upon the complexity of the transaction.  A buyer paying cash will not be signing loan documents so the appointment will not take as long.  Note that your signing appointment will typically be scheduled during business hours – Monday through Friday 8 AM – 6 PM.  Exceptions can sometimes be made to accommodate specific timing needs outside of regular business hours.
  • How do I provide my funds due to close?  Can I write a personal check?No, personal checks are not accepted for closing funds in Washington State.  Plan on providing your funds due to close via bank wire transfer or cashier’s check.  If you are wiring funds, make sure to check with your bank or financial account provider well in advance to make sure the wire transfer will arrive no later than the morning of the closing date.
  • I have questions.  Who do I call?No question is too small and I, your buyer’s agent, am committed to being your central point of contact throughout all phases of the closing process.  I keep in touch with your loan officer, the title officer, the seller’s agent, and the escrow closer for regular updates.  If I cannot answer your specific question, I will put you in contact with the individual who can. 
  • When do I get the keys?My favorite part of every transaction is when I get to deliver keys to my buyer’s new home. Once the transaction has recorded at the County Recorder’s Office, the transaction is officially closed.  I’ll be standing by ready to hand over the keys to you!

If you would like to talk further about buying a home in Seattle, contact me for a free consultation.  I look forward to hearing from you!


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