With the roll out of TRID, we are being strongly ‘warned’ that the days of 15 and 30 day real estate closings are a thing of the past for the foreseeable future.
How Will This Change My Real Estate Closing?
With a whole batch of new forms, disclosures and procedures getting put in place, the ‘learning curve’ in all this demands that every real estate transaction set a closing date of no sooner than 45 days from the moment of mutual acceptance. What that means simply is an additional 2 weeks to wait before you get to move into or out of your house. In more complex terms, there are more ‘hoops you need to jump through’ in order to get to your real estate closing.
So, What is a Real Estate Closing?
For most, it’s a very common term and often tossed around as standard vernacular with all real estate terms. But, what is a closing and what goes into it?
Certainly, first time buyers are curious as anyone but really, if you are in a real estate transaction for the first time or you’ve bought or sold a home but it’s been a while, this can be a confusing time with lots of questions.
First step in any real estate closing is to first have a good Escrow professional working on your transaction. In the state of Washington, we handle all our real estate closings through Escrow. Put simply, Escrow is a third party responsible to watch over the funds and/or documents and then pay out the funds and/or transfer the title only when all requirements of the escrow have been completed.
Once all documents are sent from the buyers lender to Escrow, they get busy ‘working up the paperwork’ for both the buyer and the seller to sign. These docs are a whole litany of items from conveyance of deed to promise to insurance policies!
After both parties have signed all the necessary instructions and documents, the escrow officer will return the buyer’s loan documents to the lender for final review. After the review is completed, the lender is ready to fund the buyer’s loan and informs the escrow officer.
At this point, we are on the cusp of your real estate closing.
The true point of a real estate transaction closing is determined by 2 very important terms:
- The Deed is Recorded
- Funds are available to the seller
These to points must be met to have a true real estate closing.
If you have any other questions about the closing process or how TRID is going to affect your current or future real estate transaction, please do not hesitate to contact me for helpful real estate info and friendly advise.
I am passionate about Real Estate and eager to answer all of your real estate questions! Text or Call me at 360-880-2356 or email me directly to ask about Buying, Selling or Investing in today's Real Estate Market - serving Lewis County & Thurston County, WA.
Certified Residential Specialist | Real
Mountain Valley Real Estate