Your escrow closing date is coming up and there is one more important appointment necessary before closing. This portion of the transaction is referred to as “the signing” and will occur a few days before your actual close date. This appointment with your escrow officer is for you to review, approve, and sign your documents. Signing appointments for sellers usually take about thirty minutes. For buyers, the appointment may take 45 to sixty minutes. What else to expect at your signing appointment?
Identification
You will need to provide identification. There are several acceptable forms of identification, which may be used during the escrow process. These forms need to have a photo of you and can include a current driver’s license, a current passport, or a Department of Motor Vehicles Identification Card.
Vesting for Title
Before you can record ownership for your new property, you will need to decide how you would like to hold title, i.e., what is the official legal name to be recorded on the title. You might consider consulting with your lawyer or accountant or other qualified professional before making this decision.
Lender’s Requirements
To avoid a delay in closing, be prepared for your signing appointment by checking in with your loan officer to ensure you have satisfied all of the lender’s requirements. As the loan process does take time, be sure to stay in contact with your loan officer throughout escrow.
Fire and Hazard Insurance
When purchasing a single-family, detached home you are required to have fire and hazard insurance policies and they must be in place before your loan is approved. Once done, you will need to contact your escrow officer to provide the insurance agent’s name and contact information so that they may ensure that the policy complies with your lender’s requirements. You must have the policy in place before the lender sends money to the title company for closing. Of note, it is wise to start the insurance policy process at the beginning of escrow and not wait until you’re ready to sign.
Depositing Funds To Close Escrow
In order to prevent possible delays in the closing of your escrow, be prepared to provide a Cashier’s or Certified check for the amount requested by your escrow officer. Wire instructions will be provided should you prefer to wire funds into escrow. Important: should you choose to wire the funds, your escrow officer will verbally give you these instructions. Legitimate wire instructions will never be given to you via email.
Happily Ever After
Your signing date is not your closing date. Closing usually occurs within 1 to 2 days after signing. Once the lender has reviewed all the documents, they will give authorization for the recording of the documents transferring title. Closing occurs once the documents have recorded and the funds are available to the seller. The deed is recorded with the County Recorder’s office and title is officially transferred.
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