Escrow & Title
In Washington, the escrow closing process for a residential purchase typically includes which final step?
AThe buyer moving into the property at closing
BRecording the deed and deed of trust with the county auditor, distributing funds, and issuing the final title policy✓ Correct
CThe seller turning over keys immediately upon signing documents
DThe lender disbursing funds before recording
Explanation
The final steps in a Washington escrow closing are recording the deed and deed of trust with the county auditor, confirming recording, disbursing funds (to the seller, payoff of any existing loans, commissions, etc.), and issuing the final title insurance policy.
Related Washington Escrow & Title Questions
- A Washington property owner sells their home and receives net proceeds of $180,000 after the mortgage payoff and closing costs. The seller used the proceeds to purchase a replacement home. For capital gains tax purposes, the seller:
- In a Washington escrow closing, the escrow agent may NOT:
- A Washington title search reveals a 'gap' in the chain of title — a period where there is no recorded conveyance. This 'gap' is:
- In Washington, a deed recorded at the county auditor's office becomes part of the public record. This means it provides:
- Washington's recording act is a 'race-notice' statute, meaning a subsequent purchaser is protected if they:
- In Washington, the transfer of title occurs legally at the moment:
- In Washington, the Real Estate Excise Tax Affidavit (REETA) must be submitted to the county treasurer:
- In Washington, the ALTA extended coverage owner's title insurance policy provides broader protection than a standard policy by covering:
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