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The Real Estate industry often uses the terms Signing and Closing synonymously and that can be confusing. I would like to distinguish the difference and shed some light!
When an Escrow Officer lets the real estate broker know that he or she has scheduled a signing appointment with the Buyer(s), this means that the Buyer(s) will meet with that Escrow Officer or other notary to sign documents including the Lender’s loan documents and bring in any funds needed to complete the transaction. This also applies to the Seller(s) who will sign the Sale documents. This is what escrow refers to as the Signing.
Closing the transaction, from an Escrow perspective, is when the conveyance and financing documents have been recorded with the county. In a typical transaction, this entails recording the Statutory Warranty Deed which transfers the property from the Seller to the Buyer and the Deed of Trust, when a lender is involved, as well as the Excise Tax Affidavit.
Escrow then cuts checks or wire transfers the funds to all the parties that are due money from the sale including Realtor commissions. Once this has been done, the transaction is considered Closed.
Signing and Closing can happen on the same day, but for Escrow they are two separate steps in a Real Estate transaction.
I remember years ago when both parties met at the Escrow office and sat around a table with the real estate brokers and the Escrow closing agent. It could be very awkward and often emotional. Now days it is common for the buyers and sellers to never meet.
I always love presenting buyers with the keys to their new home as well as providing them with a one year home warranty. I have found American Home Shield to be the best home warranty available. Home warranties can be placed on a home of any age and at any time during home ownership. The typical cost is $500-$600 yearly and is well worth the investment. If AHS can’t repair it, they replace it. How nice is that when your furnace unexpectedly goes out. Those types of events never happen at a good time!
I love seeing my sellers move on to their next adventure. By the time we get to closing they are ready to go. They have been sorting, packing, cleaning and working tirelessly to get to this point. They are excited and a bit exhausted. It’s hard for me to say goodbye if they are leaving the area because we have been working together by phone, email and in person almost daily. At that point we know each other extremely well and have formed a friendship.
Buying and selling homes requires a dedicated, professional real estate broker who will guide you through the entire process to help you achieve the best result possible. That is my passion!