Well you've finally made it to closing day - congratulations! There are always questions surrounding exactly what happens on closing day so I thought I'd write a blog about it.
Usually a few days before closing your title company will be calling to set up an appointment with the escrow officer. This will be a 1-2 hour long appointment where the escrow agent will be explaining your loan documents, your title policy and having you sign the thick packet of paperwork. This will be a time when you will need to have a few items:
1. Proper ID
2. Cashier's Check for your down payment + closing costs
3. A deposit slip from your bank just in case there are overages that will be credited to you after closing.
Day of closing is an exciting day and if you can still think clearly you'll remember these facts:
1. Your loan company will have received the signed paperwork from the escrow company and approve the final closing statement. This means that on the day of closing the escrow officer is awaiting the wire from your lender. Some banks send that out immediately and some banks need to finalize last minute items - your escrow officer will be able to update you as the day progresses.
2. Funds will be received from the bank at the escrow office.
3. Once funds are received, the escrow agent gives the "release to record" notice to all parties - this means that the final deed will be taken to the county courthouse and recorded (making it official).
4. The recording numbers have to be received by the title/escrow company before the transaction is OFFICIALLY CLOSED.
5. Depending on the arrangements made by your selling agent (me) with the listing agent, you will have a time to receive the keys to your new home. It is important to note that in Washington state the seller technically and legally has the right to possession of the house until 9 p.m. on the day of closing. It is wise to discuss when you will have keys prior to making arrangements with your moving company and friends because each and every transaction is different.
I hope that this summary of the day of closing helps give you an understanding of the behind the scene events that are happening - and if you are reading this as my client CONGRATULATIONS on your new home!