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1) What do I need to bring to Closing?
First and foremost you need to bring a smile. Our goal
at Western Title & Escrow is to ensure that you leave
with a smile too. You will also need to bring a valid government
issued picture I.D. such as a Driver's License, Passport,
or Military I.D. Additionally, if you are bringing money
to the closing these funds will need to be in the form of
a cashier's check, or wire. Cash is only acceptable in small
amounts. Please call our office in advance if you intend
to bring cash or would like to wire funds.
2) How long will the closing take?
While the time of a closing can vary greatly, typically
a refinance will take between 20 and 30 minutes. The purchase
side of the sale transaction will take 30-45 minutes and
the seller side of a transaction about 15 minutes.
3) How and when is a closing scheduled?
When purchasing, your real estate agent and/or lender will
coordinate the signing at a time that is convenient for
you and also when the documents will be available from your
lender. As a seller, your real estate agent will coordinate
the signing times.If refinancing, your lender will coordinate
the time based in when documents will be available and tour
schedule.
4) What if I can not attend closing?
In certain circumstances, a "power-of-attorney"
can be prepared for you. A "power-of-attorney"
is a legal instrument which allows another to sign legal
documents on your behalf. Please give one of our closing
officers a call to see if this is an option that would work
for you.
5) Who attends closing?
At a purchase closing, typically the buyer, their real
estate professionals and lender will sign separate from
the seller and their real estate professional. Signings
are done this way for privacy reasons and conducted by one
of our experienced closing officers. It doesn't matter who
signs first as we hold everything in escrow until all conditions
of the closing are met for seller, buyer and lender. In
a refinance closing usually only the borrowers, their lender
and our closing officer will be present at signing.
6) Who does Western Title & Escrow represent at closing?
In a purchase transaction, the title company "represents"
the contract. The title company does not negotiate the terms
of the transaction, rather we facilitate the execution of
the terms of the transaction. We do not act for, advise,
or "represent" any one party. In a refinance closing,
we are there to follow your lender's instructions and to
explain the documents to you and verify that they are properly
executed.
7) When can I find out how much money I need to bring
to closing?
Because we rely on third parties such as lenders to provide
us with instructions, information, and figures for your
closing, we often can not furnish to you the exact amount
you need to bring to closing until the day before, or, sometimes,
even the day of closing. However, you should be able to
rely on your lender's or your realtor's good faith estimate
for the approximate amount of money you need to bring with
you. If you happen to bring too much money to closing, we
refund back to you any excess amount upon completion of
the closing.
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