What is it?
Closing is when final settlement of all finances, and transfer of a home’s deed, happens. Different areas of the United States handle closing differently, so it’s important to know the process where you live. In Washington, we are considered an escrow state. This means that buyer and seller document signings almost always occur prior to the closing day, an the title company finalizes all of the paperwork with the respective county on closing, as well as receives and disburses all funds as agreed upon on that day.
Aren’t There Attorneys Involved?
In some states, attorneys handle much of the paperwork once terms are negotiated with agents. In Washington, it’s very rare to have an attorney involved in a transaction. Agents (or Brokers) are given a set of template documents and terms that are able to be used without the assistance of an attorney, and escrow officers are Limited Practice Officers who are provided with the legal scope to complete their job. If a transaction, or any terms of a transaction, fall outside of the broker’s education or provided guidelines, they are not allowed to provide guidance for that portion and should recommend the hiring of an outside attorney. Our MLS and state have most situations covered with the template forms, therefore it is uncommon to find yourself in this situation.