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What is Escrow?

Escrow is simply defined as a neutral third party who holds documents and funds until the terms between the parties have been complied with.

This typically begins with your fully signed around Purchase Agreement and all addendums, deposited in escrow. Do not forget to attach your legal description and utility addendum. These two things are often overlooked and can become a snag. You can expedite your transaction by making sure that your daytime phone numbers and email addresses on clearly stated on the forms.

Getting Your Escrow Started

Email us your purchase and sale agreement as described above. You will find a link on my site for this.

• Send out the Preliminary Closing Package to buyer and seller.
• Once we receive the seller authorization, we will order demands.
• We will ask the buyers lender for their loan documents a week in advance of the closing date
• The loan documents come to escrow and estimated HUD 1 Settlement Statements are worked up.
• Appointments are then set for signing.
• The parties bring their funds to escrow either in the form of (and this is very important!) a cashiers check payable to Booth Escrow, LLC drawn on a Washington State bank OR you will need to arrange to have the funds wired to escrow, at least one day prior to the closing date.
• Escrow "ships" the original loan package back to the lender and readies the recording package to the company. When the loan proceeds have been received, the documents are recorded and funds disbursed.
• Sellers, you can expect your proceeds to be wired, typically the morning after your closing date as the bank has a cut off time for their outgoing wires and recording numbers generally come in after this time.
• Final HUD 1 Settlement Statements are then created and sent out and the buyers can expect their title policy to be mailed to them directly from title within 6 weeks of closing. Be sure to put this in a safe place.