Escrow is defined as “a financial arrangement where a third party holds and regulates payment of the funds required for two parties involved in a given transaction.” This helps ensure a secure transaction, as money can only be released from an escrow account when all the terms of an agreement are met. Typically escrows occur when large amounts of money are involved and certain obligations must be met before payment is released, like purchasing or selling a home or business.
Goldstein Law’s Escrow practice isn’t just premier — it’s meticulous. We continuously focus on the details to ensure each transaction moves as smoothly as possible for all parties involved. You have other matters at hand — let us take this one off them.
Contact us to learn more about our Escrow practice.
The Escrow Process
We will prepare the closing documents in accordance with your agreement and with Washington state law. These documents will affect your legal rights, and the Buyer’s and Seller’s interest may differ. As your closing agent, we must be impartial and cannot represent either party. You have the right to have your own attorney review the documents.
When we have received the loan documents from the lender, we will contact you for a convenient time to sign the closing documents. If your transaction requires you to bring in money to close, you will be required to submit funds by Cashier’s Check or by wire transfer.
Please try to keep your schedule flexible in the days prior to the closing date. Keep in mind that the signing usually occurs several days before the actual closing date to allow for lender review. Buyers should plan on an appointment lasting 1 hour to 1 ½ hours. Sellers’ appointments usually last ½ hour to 45 minutes. A valid photo ID will be required at your appointment for notary purposes.