Nothing compares to what’s next. BUYER’S GUIDE
Exceptional Service A home is more than a building or an address, it’s where connection, growth, and life happen. For those new to the Emerald City, who want to explore a different region, or are lifelong residents, Realogics Sotheby’s International Realty’s (RSIR) team of local experts makes every move seamless. From the latest market data and hottest neighborhoods in every town to exceptional opportunities to buy or rent, RSIR’s global real estate advisors handle it all. With unique connections, resources, and strategies, and as a part of the powerful Sotheby’s International Realty® brand, the network of more than 26,000 sales associates in 81 countries and territories bring the exceptional to each homebuying journey. It’s expertise that reaches down the block and around the world.
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Local Power, Global Reach Realogics Sotheby’s International Realty creates new conversations within the markets it serves. The Pacific Northwest’s largest affiliate within the global real estate network, Realogics Sotheby’s International Realty has branch offices in Downtown Seattle, Madison Park, Bainbridge Island, Kirkland, Mercer Island, and Downtown Bellevue. The brokerage’s global real estate advisors proudly serve all property types and price points throughout the Puget Sound and beyond. With an “international” middle name, Realogics Sotheby’s International Realty represents the best of both worlds through local and global reach. Given this position, we are responsible for representing the Puget Sound region to an international audience; proudly representing global citizens choosing to make their homes here.
6
Local Offices
300
Real Estate Advisors
#1
Largest Sotheby’s International® Realty Affiliate in Washington state.
$2.6B
In Sales Volume 2022
5 | Buyer’s Guide
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We expertly guide our clients’ real estate journey to extraordinary results. Purchasing a home is often one of the most important financial transactions of your life. You are not only choosing a new place to live, but making a substantial investment and creating a significant asset. Our brokers will provide you with the support, market knowledge and negotiation skills honed while navigating the competitive market. This handbook has been prepared to help familiarize you with some of the more common terms you’re likely to encounter, as well as provide you with an overview of both the process and components of a successful transaction. Before starting the home search, you and your real estate advisor can discuss your timeline, price range, needs, preferences, and other parameters for a property that will suit you, your lifestyle, and goals. You and your real estate advisor will review options in property type, architectural style, neighborhood, amenities, and financing. We’ll review the current market conditions and trends, and how they will affect your search. We’ll discuss how we can work together most effectively and the steps you can take to make the process successful. Rest assured that you will receive the utmost care, attention, hard work, and professionalism, with a promise to provide unparalleled service and to follow the highest ethical standards.
Rebecca has been an amazing agent through
Rebecca was a life saver through this process.
several buy/sell processes. I would recommend her if
Any real estate purchase nowadays is stressful and
you’re looking for a smooth ride! Great communication
her immediate responsiveness (to all questions) and
and persistence where it’s necessary.
availability day and night made this so much easier. Whether you’re buying or selling, you should consider Rebecca if you want to work with a true professional
Rebecca performed above and beyond as
and reduce your stress during this transaction.
a real estate agent. Any time there were ever any complications whatsoever, she was not only on top
Rebecca has many life passions, and one of
of the situation with a solution but also ensured all
those is real estate. She is very dedicated to her clients
aspects were managed effectively and efficiently. With
and very responsive. She does a great job of staging
how the real estate industry is right now, we need more
for the sale and has an incredible team. Rebecca
people like Rebecca ensuring everyone is being taken
represented us through the sale of our home in Port
care of properly. I highly recommend her to anyone
Angeles. She was respectful about our needs and kept
looking to buy or sell a home!
the process moving smoothly from beginning to end. When you work with Rebecca you can be assured your best interests are in her focus.
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9 | Buyer’s Guide
INTRODUCTION
Rebecca Robideau Global Real Estate Advisor Rebecca Robideau is a global real estate advisor who is dedicated to creating a seamless, positive experience for her valued clients on their real estate journeys. Her clients’ satisfaction is a testament to her skills, demonstrating her absolute commitment to providing white-glove service and an unmatched level of care and attention at every price point. She has extensive experience guiding clients in the Puget Sound region, staying informed of global real estate news as well as market trends within the area’s unique neighborhoods. Her exemplary communication skills keep buyers and sellers in the loop, informed, and reassured from the initial consultation and beyond the close of the transaction. Before beginning her successful real estate career, Rebecca garnered over 15 years of experience in international business and trade. She carries the connections, skills, and ability to navigate high-pressure situations with grace and ease that she obtained during her years in global business affairs into her role as a broker. Rebecca understands the importance of quality marketing to reach the right audience, and she crafts a comprehensive plan to achieve maximum results. Backed by Realogics Sotheby’s International Realty’s marketing powerhouse, she ensures the properties she represents benefit from stunning photography, videography, and print and digital ads, so that they hit the market at their top potential, attracting serious buyers. As someone who has a background traveling, working, and living all around the world—Rebecca lived in the Republic of Senegal in West Africa for over 24 years before attending Goethe Institute in Munich, Germany for advanced German language skills—she has curated an international network of connections. Rebecca can speak five different languages, connecting her to clients near and far. Aligning with Realogics Sotheby’s International Realty is a perfect fit as Rebecca shares the brand’s high standards for client service and worldwide reach. She looks forward to serving clients around the corner and around the globe with her first-class perspective. When Rebecca isn’t making remarkable real estate moves on behalf of her clients, you might find her tending to her garden, composing songs on her guitar, taking photos, or enjoying a day at the beach.
360.477.9785 Rebecca.Robideau@rsir.com rebeccarobideau.rsir.com
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Significant Sales Properties Sold By Rebecca Robideau
Listing Photo
Hansville | $1,527,000
Listing Photo
Port Angeles | $839,000
Listing Photo
Port Townsend | $842,750
Listing Photo
Port Orchard | $802,000
Listing Photo
Bremerton | $739,000
Listing Photo
Port Angeles | $585,000
Listing Photo
Grapeview | $654,000
Listing Photo
Port Angeles | $549,500
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Financial Preparation Before starting your home search, it is important to evaluate your financial situation, confirm your budget, familiarize yourself with mortgage options, and secure pre-approval from a lender. This will help you conduct your search with confidence and negotiate for your desired home successfully. With a Realogics Sotheby’s International Realty broker, you’ll be prepared before you even take a look at the first house, and ready to negotiate the best offer when you find the one.
13 | Buyer’s Guide
Market Intelligence We provide the latest market data on the city, neighborhood, and street that you’re interested in living on, to prepare you for your home search. As leaders in real estate, it was important for us to analyze trends emerging from the most unparalleled year in modern history. The pandemic re-calibrated interest in larger, greener properties, secondary cities, and geographies with favorable tax and emigration policies. These preferences are likely here to stay for the foreseeable future, and it was important for us to provide a resource to those looking to navigate the time ahead.
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Rent vs Buy Making a financially sound commitment to help achieve home and investment goals. Seattle area rents have increased on average 5% annually in the last decade and are expected to continue to rise. Despite fluctuating mortgage rates over the past year, buying a home, whether an in-city condo or single-family home, may be a considerable option and still less expensive than renting in one of the most expensive housing markets in the country. “No other city has witnessed such population growth and increases in both household prices and rent growth,” said Dean Jones, President and CEO of Realogics Sotheby’s International Realty. “And one of the unfortunate results of so many residents opting to lease an apartment instead of owning a condominium is that they missed out on both capital appreciation and annual mortgage interest deductions when it comes time to pay taxes.” According to the Downtown Seattle Association, more than half of the downtown population rents instead of owning their home. Renters are also missing out on home appreciation as their rent continues to go up. Appreciation rates are based on multiple factors. In 2022, the forecasted appreciation in King County sat at approximately 9%. With an appreciation gain over three years, the total forecasted appreciation on a $625,000 home would increase by 17% to $731,694 or an appreciation gain of $106,694.
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BUYING $800,000 VS. RENTING My Property (King County, WA)
Movement Mortgage, LLC supports Equal Housing Opportunity. Data provided by Realogics Sotheby’s International Realty lending partner Movement Mortgage. NMLS ID #39179 (www. nmlsconsumeraccess.org) | 877-314-1499. Movement Mortgage, LLC is licensed by WA - CL-39179. Interest rates and products are subject to change without notice and may or may not be available at the time of loan commitment or lock-in. Borrowers must qualify at closing for all benefits. “Movement Mortgage” is a registered trademark of the Movement Mortgage, LLC, a Delaware limited liability company. 8024 Calvin Hall Rd, Indian Land, SC 29707.
Furthermore, estimated net gain over 10 years with a projected 6% rental increase per year from a starting rent of $2,700 and ending at a rent of $3,409 to buying a condominium at a PAR rate of 3.094% means condo owners would see a net gain of $216,940. And an amortization gain of nearly $64,000. When the time comes to sell, the initial down payment of $125,000 circles back to the seller, plus the capital appreciation experienced is likely not taxable given current IRS policies for principal residence gains (up to $250,000 for a single person and up to $500,000 for a married couple). In a year when home prices in many parts of Western Washington have remained relatively flat year over year but rent continues to rise, there is a cost to waiting to buy as well. Of course, owning isn’t right for everyone—but for those who plan to stay in one place for more than a few years, owning can provide significant economic benefits and wealth potential for the savvy buyer.
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Why You Should Partner With A Buyer’s Agent As an industry expert, RSIR real estate advisors have extensive experience in the field and our geographical location, fully understanding the dynamics in this fastpaced, highly competitive market. As your guide, they will help you find exactly what you are looking for, ensure you pay the right price for it, take care of all paperwork, guide you through the inspection and repair process, and successfully get you to closing.
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The Home Buying Process
1 2 3 4
CONSIDERATIONS Needs, Wants, and Priorities
5
ESCROW Create Timeline of Events
Purchase Timeline
Open Escrow Account
Financial Parameters and Costs
Buyer Good-Faith Deposit
Buyer-Agent Relationship
Preliminary Title Report
PREPARATION Financing Pre-Approval
6
DUE DILIGENCE Lender Appraisal
Assess Market Conditions and Values
Property Inspection & Investigation
Learn Property Types
Review of Disclosures and Reports
Neighborhood Pros and Cons
Removal of Contingencies of Sale
SEARCH Listing Information Review
7
WEEK BEFORE CLOSING Final Walk-Through
Home Tours and Open Houses
Review and Sign Closing Documents
Exploring Options/Learning the Market
Buyer Final Deposit
Find the Home You Wish to Buy
Funding of Loan
THE OFFER Review Property Documents
8
DAY OF CLOSING Record of the Deed
Comparative Market Value Analysis
Close of Escrow
Negotiation of Best Terms and Price
Delivery of Keys
Offer Acceptance
Move In
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19 | Buyer’s Guide
Find Your New Home FIND YOUR STYLE While you might love craftsman homes or the sleek look of a modern kitchen in a penthouse apartment, you’ll be happiest if you consider what type of home will work best for you. Single-family homes offer more privacy, freedom, and space. Condos often come with condo associations that handle a lot of the outside maintenance for you, but a condo might not have the green space you need and you’ll pay monthly dues to the association.
ASK THE PROS Nobody knows more about a neighborhood than the current residents! Without being intrusive, look for an opportunity to chat with your potential neighbors. What’s their opinion of the block and the neighborhood?
IMAGINE LIVING THERE Check out the local amenities in the neighborhood you are interested in and see if it works out with your dayto-day routine. Are there restaurants, stores, and other services that you enjoy close by? Is the neighborhood near a freeway so you can get on the road in a reasonable amount of time? Also, try to visit the neighborhood multiple times and at different times of the day. Lastly, walk through the streets near the home and see how it feels. You will notice more things walking than just driving by.
THE RULES If the home is part of a Homeowners’ Association (HOA) you will want to get a copy of the bylaws and study those carefully. Many HOAs have rules you would never even think of. For example, the HOA might regulate the type of plants you can have in your yard, type of fencing you can put up, whether or not you can post signs, and specific rules regarding pets.
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Next Steps: Making An Offer Once you have found the property you want, you and your real estate advisor will write a purchase agreement. While much of the agreement is standard, there are a few areas that can be negotiated: THE PRICE What you offer on a property depends on a number of factors, including its condition, length of time on the market, buyer activity, and the urgency of the seller.
OFFER DETAILS
While some buyers want to make a low offer just to
Often, the seller plans on leaving major appliances in
see if the seller accepts, this often isn’t a smart choice,
the home; however, which items stay or go is often a
because the seller may be insulted and decide not to
matter of negotiation.
negotiate at all.
THE MOVE-IN DATE If you can be flexible on the possession date, the seller will be more apt to choose your offer over others.
Typically, you will not be present at the offer presentation. Your real estate advisor will present it to the listing agent and/or seller. The seller will then do one of the following: Accept the offer Reject the offer Counter the offer with changes By far, the most common action is the counteroffer. In these cases, the experience and negotiation skills of a Realogics Sotheby’s International Realty real estate advisor are powerful in representing your best interest. When a counteroffer is presented, you and your real estate advisor will work together to review each specific area of it, making sure to move forward with your goals in mind and ensure negotiation of the best possible price and terms on your behalf.
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Recipe For A Winning Offer Pre-Inspection Inspect home prior to making an offer.
Escalation Clause When a buyer wants to submit an offer on a property for which there may be competing offers, the buyer may want to provide an escalation of the offer price to compete against other offers.
Pre-Qualification A mortgage letter provides an estimate of the amount you are able to borrow for your home or refinance loan.
Earnest Money A deposit made to a seller that represents a buyer’s good faith to buy a home.
Escrow A neutral third party oversees and confirms the financial portion of the transaction. (Required in Washington state.)
Hazard Insurance Hazard insurance, or homeowners insurance coverage, in Washington state protects your property against damage caused by fires, storms, earthquakes or other natural events.
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Unmatched Technology For Your Home Search We change and evolve, just like you. And we understand that today you’re asking a lot of your home—and it needs to change and evolve, too. At Realogics Sotheby’s International Realty, we offer the intelligent solutions you seek as it’s time to head out on your real estate journey. For two years running, REAL Trends has recognized rsir.com as the “Best Overall Real Estate Website.” Featuring powerful search, customizable market data, community insights, and award-winning video, rsir.com offers a suite of online tools that make your real estate journey tangible. And we’re always working on the next thing—that next piece of the puzzle that will make it easier for me, your trusted real estate advisor, to connect you with what’s next. Your buying and selling journey is only a click away.
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The Sotheby’s International Realty® Interactive Experience As a leader in the luxury real estate industry, Sotheby’s International Realty® is able to anticipate trends. Our priority remains to present listings in the best possible manner and to provide a superb end-user experience however buyers prefer to search for their new home. Virtual technology has been at the forefront of our marketing strategy for several years and comes as naturally to us as our commitment to high-quality service.
SIR MOBILE More than half of home searches start on mobile devices; this makes perfect sense. Our phones and tablets travel with us everywhere we go. SIR Mobile is our user-friendly, GPS-enabled real estate listings app that puts our global collection of luxury homes and expert real estate agents in the palm of your hand.
APPLE TV
VIRTUAL STAGING
Powered by the amazing visuals produced by our local
By helping potential buyers visualize the potential
affiliates the world over, the Sotheby’s International
of a room and make the home appeal to a targeted
Realty Apple TV app allows you to share the pleasure
audience, virtual staging allows agents to add furniture,
of browsing our outstanding properties with your
rugs, and even paint to photos of a home. Global real
friends and family in the comfort of your own home.
estate advisors will post the virtually staged photo or
A premium real estate experience unlike any other.
3D tour online with a home’s listing.
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YOU R GUI DE
TO OUR SER
VIC ES AND LIVI
NG IN THE NOR
N O R T H W H O M E
A
B A S E
THW EST
E S T
P U B L I C
A T I O N
Realogics
Calling The Northwest Home Your guide to relocating and living in the Northwest. Explore the many opportunities the Northwest has to offer. With our collection of esteemed advertising partners who made this guide possible, we’re thrilled to not only show you the best of the Puget Sound, but also how to make that home your very own. From the Emerald City to island living or the snowcapped peaks of the Cascades and beyond, find out what it means to call the Northwest home. Request the latest edition, today.
25 | Buyer’s Guide
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Strategies For Winning In A Bidding Match In a hot real estate market, a home can be listed for sale and receive multiple offers within hours. In most cases, the offer that ultimately wins is the one that has the price, terms, and closing timeline that best match what the seller wants. Each situation can be different though, so work with your agent to identify a strategic approach and get the competitive edge that will help you win the home you want.
27 | Buyer’s Guide
Assemble a strong financial package: A seller is more likely to choose your offer when it has solid financing. You can pay all cash and waive all contingencies; however, if that is not for you then consider other strategies: • Get pre-approved for a loan to prove your finances are solid. • Work with a local lender or one preferred by the listing agent to gain an advantage. • Get underwriter approval for an extra sign of strength as a buyer. • Opt for conventional financing and increase your earnest money amount. • Ask your lender to call the listing agent and testify that your money is good. • If the Appraisal comes in low and the lender balks, offer to borrow less to keep the deal together. Present an irresistible offer: Matching what the seller desires in price, terms, and closing timeline will speak loudly when you make an offer. Your agent can help you find out which terms matter, including: • Offer at list or, if the list price is low, offer at a price based on comparables. • Shorten contingency periods or waive them altogether. • Be flexible about the closing date, if that will win you an advantage. • During negotiation, think carefully before renegotiating price or credits after an inspection (the seller might opt for the back-up offer). Go the extra mile: Price and terms are one thing but you may be surprised to learn they don’t always win. When selling a foreclosure, banks sometimes choose the first offer that comes in; however, a homeowner might be swayed by a more personal touch. • Move quickly to get the offer completed, so your agent can submit it by the offer deadline. • Submit the offer fast so it’s on top of the stack or, if time allows, have your agent deliver it in person. • Summarize key offer terms and highlight the ones that matter in a term sheet. • Include a photocopy of the earnest money check to show you’re serious. • Conclude with your agent’s deal history to show the escrow process will go off without a hitch.
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29 | Buyer’s Guide
Contingency In Real Estate A contingency is a clause in the purchase contract that describes certain conditions that must be met and agreed upon by both buyer and seller before the contract is binding. There are contingencies in almost every real estate contract to protect the buyer and the seller. There are several different types of real estate contract contingencies. The first of these is a mortgage contingency. This means there is a stipulation in the contract that says a buyer will obtain a mortgage loan for a specific amount within a certain time period. Once the mortgage loan is obtained, that contingency is removed from the contract. If the buyer is not able to obtain the mortgage, it is possible to withdraw the contract without being penalized. This is a contingency that protects the buyer. Another contingency that is put into place to protect the buyer is a home inspection contingency. If there is a home inspection ordered and the house does not pass due to factors like termite damage or faulty wiring, the buyer has the right to exit the contract and receive any deposits or earnest money back. If the issues can be corrected, the buyer can request these repairs. If the seller does not agree, the contingency cannot be removed and the contract is voided. Another popular contingency to put into the contract is one that allows for the sale of the buyer’s current home. This will allow the buyer a specified amount of time to sell their current home before buying a new one. The contract will be voided with no penalties assessed if the current home does not sell. This protects the buyer from a situation where they would have to pay two mortgage loans at once. A contingency of this type also protects the seller. If the seller receives a second offer on the home that is more attractive than the first, they will be able to accept the new contract without facing a penalty. It is important to remember that contingencies should be reasonable requests. You do not want to lose a seller or a buyer because of unreasonable contingencies. Work closely with your agent and be fair.
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Escrow Lifecycle The Buyer & Their Broker
The Seller & Their Broker
Choose a real estate agent.
Choose a real estate agent.
Gets pre-approval and provides to real estate agent.
Determine the value of the home with insight from the agent and a comparative market analysis.
Makes offer to purchase. Upon acceptance, opens escrow and deposits earnest money. Finalizes loan application with lender. Receives a Loan Estimate from lender. Completes and returns opening package from title company. Schedules inspections and evaluates findings. Reviews title commitment/preliminary report. Provides all requested paperwork to lender (bank statements, tax returns, etc). All invoices and final approvals should be to the lender no later than 10 days prior to loan consummation. Lender (or escrow officer) prepares CD and delivers to buyer at least 3 days prior to loan consummation. Escrow officer or real estate agent contacts the buyer to schedule signing appointment. Buyer consummates loan, executes settlement documents, and deposits funds via wire transfer. Documents are recorded and the keys are delivered!
31 | Buyer’s Guide
Prepare the home for sale by cleaning, decluttering, and making any necessary repairs, before staging or virtually staging the home. Market and show the home both online with photos, video, and 3D tours and in person. Receive purchase offers and negotiate. Schedule an appraisal. Prepare for a home inspection with an inspection checklist. Completes and returns opening package from title company, including information such as forwarding address, payoff lender contact information and loan numbers. Orders any work for inspections and/ or repairs to be done as required by the purchase agreement. Escrow officer or real estate agent contacts the seller to schedule signing appointment. Documents are recorded and all proceeds from sale are received.
The Escrow Officer
The Lender
Upon receipt of order and earnest money deposit, orders title examinations.
Accepts buyer’s application and begins the qualification process. Provides buyer with Loan Estimate.
Requests necessary information from buyer and seller via opening packages. Reviews title commitment/ preliminary report.
Orders and reviews title commitment/ preliminary report, property appraisal, credit report, employment and funds verification.
Upon receipt of opening packages, orders demands for payoffs. Contacts buyer or seller when additional information is required for the title commitment/ preliminary report.
Collects information such as title commitment/preliminary report, appraisal, credit report, employment and funds verification. Reviews and requests additional information for final loan approval.
All demands, invoices, and fees must be collected and sent to lender at least 10 days prior to loan consummation.
Underwriting reviews loan package for approval.
Coordinates with lender on the preparation of the CD. Reviews all documents, demands, instructions and prepares settlement statements and any other required documents. Schedules signing appointment and informs buyer of funds due at settlement. Once loan is consummated, sends funding package to lender for review.
Coordinates with escrow officer on the preparation of the Closing Disclosure, which is delivered to buyer at least 3 days prior to loan consummation.
Delivers loan documents to escrow. Upon review of signed loan documents, authorizes loan funding. Reviews all documents, demands, and instructions. Prepares settlement statements and other required documents.
Prepares recording instructions and submits documents for recording. Documents are recorded and funds are disbursed. Issues final settlement statement.
Provided courtesy of First American Title.
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Due Diligence Typically, a home goes under contract “pending inspection.” You and your real estate advisor will hire an inspector to determine whether any repairs or monetary adjustments to the contract will be necessary. PRE-INSPECTION A pre-inspection is something that you would do if an
If you find numerous issues during your pre-inspection,
offer review deadline is set by the seller. The reason
your real estate advisor will help you determine how to
you do a pre-inspection is two-fold:
proceed. You may potentially negotiate the offer price based on the pre-inspection if you’re still interested in
Protects you from buying a home that may need
purchasing the home. If too many issues are found,
repairs.
the best course of action may be to simply walk away.
Provides you with a competitive edge from
In a hot market favoring sellers, an offer may be more
other potential buyers.
enticing if an inspection is waived. You and your advisor can discuss the pros and cons to this approach and
Pre-inspection ensures that your offer stands out because you are not submitting an offer with an inspection contingency.
33 | Buyer’s Guide
decide if it’s right for you.
Understanding Costs Who pays the closing costs? Your contract and any applicable government regulations determine who pays which closing costs. Your real estate advisor can explain these costs to you.
THE BUYER GENERALLY WILL PAY
THE SELLER GENERALLY WILL PAY
Lender’s title policy premium, if new loan;
Owner's title insurance premium;
Escrow fee, one half;
Real estate agent's commission;
Document preparation, if applicable;
Escrow fee, one half;
Notary fees, if applicable;
Any loan fees required by buyer's lender per contract;
Recording charges for all documents in buyer’s name;
All loans in seller's name (unless existing loan balance is being assumed by buyer);
Homeowner's Association transfer fee, one half;
Interest accrued on loan being paid off, statement fees, reconveyance fees and any prepayment penalties;
All new loan charges (except those required by lender for seller to pay);
Termite inspection and any termite repairs per contract;
Interest on new loan from date of funding to 30 days prior to first payment date;
Home warranty premium per contract;
Assumption/change of records fees for takeover of Homeowner's Association transfer fee, one half; existing loan; Beneficiary statement fee for assumption of existing loan;
Any judgments, tax liens, etc., against the seller;
Home warranty premium per contract;
Recording charges to clear all documents of record against seller;
Hazard insurance premium for first year; and
Property taxes: pro-rated to date title is transferred plus any delinquent taxes;
All pre-paid items, such as interest, or funds for an Any unpaid Homeowner's Association dues; and escrow account. Any bonds or assessments per contract.
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35 | Buyer’s Guide
Closing The Deal The end of your home-buying chapter, the next chapter of your life starts. On the closing day itself, legal property ownership is transferred to your name. The mortgage amount is provided to the title company or your attorney by your lender. A title company makes sure that the title to a piece of real estate is legitimate and then issues title insurance for that property. Title insurance protects the lender and/or owner against lawsuits or claims against the property that result from disputes over the title. You will receive documentation with costs payable, including balance owing, legal fees, property transfer taxes, and other completion costs. The title company will pay the seller, complete any necessary documents, and register your home in your name. On your closing day, your lender provides the mortgage money to the title company and you provide the down payment (minus your deposit) to your title company or attorney, as well as any remaining closing costs. Title companies also often maintain escrow accounts―these contain the funds needed to close on the home―to ensure that this money is used only for settlement and closing costs, and may conduct the formal closing on the home. At the closing, a settlement agent from the title company will bring all the necessary documentation, explain it to the parties, collect closing costs, and distribute monies. Finally, the title company will ensure that the new titles, deeds, and other documents are filed with the appropriate entities. Most closings will take place at the title company, an attorney’s office, or one of our office locations, where all paperwork is signed and keys are exchanged. Remote closings or fully contact-less closings can also be arranged, with the assistance of online documentation, e-signature programs, and remote notaries.
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Rebecca Robideau 360.477.9785 Rebecca.Robideau@rsir.com rebeccarobideau.rsir.com
Each Office is Independently Owned and Operated.