Last week I talked with Lisa Bain of Title One Corp in a post titled, “Understanding Title Insurance“. But Title Insurance is only one side of the Title Company coin here in Idaho. The other thing title company’s do is offer Escrow services. I sat down again with Lisa and she went through escrow.
What is Escrow Anyway?
Q: What should a Buyer or Seller expect at Closing?
A: The buyer or seller, their Realtor and their loan officer (for the buyer, if they have one) will meet at the Title and Escrow Company. The Escrow Officer will explain all of the documents they need to sign. There will be documents for the lender, documents for the purchase or sale, and documents to transfer the deed to the new owner.
Q: How long does the closing usually take?
A: For buyers, we recommend they plan on at least an hour. That way, if there are any last minute delays or changes that need to be made, you have a little wiggle room to get back to work. A refinance or seller signing will often times be much shorter than an hour. And they need to remember important items such as their photo identification and a cashierâ€™s check for any money required for them to close.
Q: Should the buyer expect to get the keys to the house at closing?
A: Great question! No, they will not receive the keys after signing. There are still additional steps we need to take to close the escrow. Often that happens the same day, but sometimes it may be several days after you have signed before your transaction is funded and recorded. The Escrow Officer will contact their Realtor to let them know when they can pick up their keys.
The Wrap Up
Escrow is an important part of the home buying process. The escrow office ensures that everyone’s money is safe and the transaction goes smoothly. Its a very good thing.