What is escrow?
An escrow is defined as a secure and neutral holding place for the documents and funds that are used to complete the transfer of real property. The Escrow (or Settlement) Agent is an impartial, third party, and has one primary purpose - to close the transaction according to the terms of the purchase and sale agreement. This involves clearing title, acting as intermediary among various interested parties, facilitating the signing of all closing and lender documents, receiving and disbursing funds, and recording the appropriate vesting and security documents.

What is the difference between signing date and closing date?
Signing date is when buyers and sellers come to sign final documents. After signing, these signed documents are sent to the lender for final review. The closing takes place the day the lender funds the purchase and the deed is recorded in the county. Typically a signing occurs a couple of days prior to closing.

When do we sign the final documents?
After the lender´s final documents are received in our office, we contact the Buyers and Sellers to schedule their signing appointments.

Can we sign after normal business hours?
Horizon Escrow gladly accommodates in office signings after 5 pm, and/or arranges for a mobile notary to meet with you at a location convenient for you. However, we strongly suggest that all documents are signed in our office simply because it is easier to make any corrections to the documents, if necessary.

Should we tell someone if we are going to be out of town?
If you are planning a trip on or around your closing date, it is crucial that you make your real estate agent and your escrow agent aware of your traveling plans. We will make special arrangements to either schedule an early signing date or overnight the documents to your location to assure on-time closing.

Why does the escrow company sometimes call the last minute to schedule signing appointment?
Signing appointments are scheduled when lender´s final documents are received in our office. Horizon Escrow has no control over when these documents are to arrive. However, we do contact buyers and sellers to schedule their signing appointments the day we receive the final documents from the lender.

What can we do to make sure our transaction closes on time?
Sellers, please be prepared to provide the following information to the escrow agent when you are contacted by us:
All your mortgage information pertaining to the property including bank names, phone numbers and loan numbers
Utility information including water and sewer account numbers and phone numbers
Leased Equipment information, if any Homeowners Association name and phone number
Your marital status
Also, please set aside some time a couple of days prior to your closing date to sign the documents, or please make us aware of your traveling plans, if any.

Buyers, please be prepared to provide the following information to the escrow agent when you are contacted by us:
Please set aside some time a couple of days prior to your closing date, to sing the loan documents , or please make us aware of your traveling plans, if any.

How much money do we bring to our signing appointment?
We will let you know how much you should make your cashier´s check for when we contact you to schedule your signing appointment.

Do I need to bring a cashier´s check?
Yes, Per Washington State Law, any funds required for closing must be in the form of "collected funds," such as a Bank Wire or Cashier´s Check drawn on a Washington State bank. Funds must be deposited into an escrow trust account ONE day prior to your actual closing date in the form of a cashier´s check, or received via wire transfer no later than the morning of the actual closing date.

What do I need to bring to the signing appointment?
Funds to close in form of a cashier´s check, if any. And since final lender documents must be notarized, your valid, un-expired government issued picture identification is required.

How long does the signing appointment take?
Buyers: usually 45 min to 90 min Seller: usually 15 min to 30 min

When do we receive proceeds from our transaction?
Your proceeds are available to you on the day of closing. When we are in possession of confirmation that lender´s funds have been wired to us, and the deed has recorded with the county, we can make the proceeds of your transaction available to you in a form of a check. Typically this happens around 4 or 5 pm on the day of closing. If you wish that your proceeds are wired directly to your account, we can do so the next business day.

How do we make sure that our utility accounts are paid and transferred to new buyers´ name?
Sellers: please provide us with all lien-able utility information such as water and sewer. If instructed so in the purchase and sale agreement, we will make sure to pay them off.

Buyers: you are responsible to make sure to transfer the new utility account onto your name

When and how do we get keys to our new property?
According to Washington State Law, the delivery of keys is a matter of possession. Please contact your real estate agent to coordinate handling of the keys. We are selling this home and looking to buy another property. The proceeds of this sale will be used to purchase our new home.

What can we do to make sure that our new transaction closes smoothly?
It is best to have your new purchase close with Horizon Escrow. Since we are going to be handling the proceeds of your sale, this will allow us to immediately credit necessary funds for your new purchase.