Frequently Asked Questions
Q: Where can I obtain a copy of my house appraisal?
A: Call your loan officer for a copy.
Q: Can you transfer the sale proceeds to the purchase of a new home?
A: Yes, if the purchase closes after the sale we can coordinate the transfer of funds with your other escrow agent. The optimal solution is to have Guardian Escrow act as escrow agent on both transactions, which expedites the closing process.
Q: Should I continue to make payments on the mortgage for the home I am selling?
A: Yes, you are responsible for making mortgage payments on your home until after the transaction has closed.
Q: What if neither I nor my spouse can be present for the signing?
A: We could overnight or email you and your spouse your documents. It would be your responsibility to have them notarized and sent back. Also, a signed and notarized “power of attorney” enables someone you designate to sign on your behalf. Ask your closer for more details.
Q: When will I receive net payment?
A: Your net proceeds from the sale will be available on the day your documents are recorded (the closing date) or on the following business day. You may opt to receive your funds via wire transfer, direct deposit, by mail or in person.
Q: Is “closing” the signing of the documents?
A: No. The signing of the documents usually takes place two days before the closing date. This allows the lender, if any, time to review the signed documents for accuracy and efficiency.
Q: How much money do I need for closing and when do I need it?
A: Prior to closing the escrow company receives loan documents and escrow instructions from the lender. A list of fees is included in these documents so that the escrow agent can prepare your “Settlement Statement.” It is at this time that the escrow agent will inform you of the amount of cash you will need to close the transaction. This amount will need to be received by escrow at least one day prior to closing.
Q: Can I write a personal check?
A: Unfortunately NO regardless of the amount required. Deposits by the Buyer or Seller shall be in one of the following three forms:
1. CASH
2. Interbank WIRE TRANSFER received by the escrow agent’s depository (Bank)
3. A CASHIER’S CHECK (from a Washington State Bank)
Q: Do I Need To Bring Anything to Closing?
A: Yes. Due to the fact that we will be notarizing your signatures, please bring your photo identification card or your driver’s license, along with your funds to close.
Q: When do I get my Keys?
A: Your Real Estate Agent will arrange for the exchange of keys.
Q: How do we know when the transaction closes?
A: The escrow officer will call both Buyer and Seller along with the real estate agents and tell them that the documents have been recorded and the escrow has funded.
Q: Do we both have to be present at the signing?
A: All parties going into and out of title need to be present to sign documents. However, if there are extenuating circumstances, please call your escrow closer to make special arrangements.
Q: How do we know our personal information is kept Confidential?
A: This question about confidentiality or privacy comes up all too often. We at Guardian Escrow want you to know that we do not distribute any of your personal information to anyone that is not a party to your specific transaction. If there is any question as to the relationship of the inquiring party, we will require written verifiable proof as to the need of the requested information.
Q: What should I do if I have an Oil Tank?
A: If you have oil, the sales agreement states that the buyer will pay for the remaining oil in the tank if the seller provides written documentation as to the quality and current price per gallon. The oil company that you purchased the oil from will come out one week prior to closing and read the tank at no charge. Please DO NOT forget to get a copy of the reading to escrow BEFORE YOU COME IN TO SIGN YOUR CLOSING DOCUMENTS.
