Drive-Thru Closings
Here is a behind-the-scenes look at signing your closing documents for your home sale in Olympia WA.
The coronavirus certainly has changed how we sell houses, and signing your closing documents with the escrow company is on that list of changes!
Here is a behind-the-scenes look at how I now attend signing appointments for my clients. Click here to watch the quick video:
Pre-coronavirus, the day of signing would be a celebratory ending to the long journey the buyers and sellers just completed! I would meet my clients at the escrow company and we would sit with the escrow officer to go over all of the final closing documents. I would attend to offer support and be available to answer any questions. For buyers, sometimes their lender will also attend.
But now, escrow companies want to limit the number of people at the signings and most are not having clients come inside their offices. Signing in the parking lot of the escrow company is becoming the new norm however it’s not so bad – I kind of like this! You can just sit in the comfort of your own car and they bring your closing documents to you.
What to expect at your signing:
- Bring your photo identification.
- Bring your banking routing and account number if you will be receiving funds from the sale.
Documents you can expect to sign:
- The escrow officer’s notary log
- Settlement Statement – this is a breakdown of the debits and credits of your transaction and shows your net proceeds (or funds needed).
- Closing Disclosure Form – this is the buyer’s lender’s version of the Settlement Statement. It will have the same dollar amounts as the Settlement Statement; it’s just in the lender’s format.
- Deed of Trust-the mortgage that identifies the property owners, the loan amount and the term of the loan.
- The Note-the buyer’s promise to repay the loan.
- Disclosures/Notices – there will be several disclosures and notices; for example, a document that outlines the role and duties of the escrow officer as a Limited Practice Officer.
These are just some of the forms you can expect to see at your signing appointment.
Conclusion
Although the venue of the signing has changed, closing on a real estate transaction still marks the beginning of exciting new chapters for my buyers and sellers.
I hope you enjoyed this behind the scenes look into how you sign your closing documents for your home purchase. Be sure to check out my other videos about the real estate process here in Olympia, Washington.
And if you’re curious about my position about umbrellas, click here! 🙂