Quick Claim Deeds and Cashiers Checks On Closing Day!

Blogs happen when something prompts me to write them and today is one of those days.  Let me preface this by saying, I love my clients!  And I keep in mind that I have to impart to them the details so their life is easier and therefore mine is too.  But sometimes, things come up and I learn something too.  For this closing, I learned two things!

1. Quick Claim Deed.

If you want to buy a property and put your friend, child or someone on the title by a quick claim deed, it can be done most of the time after closing because there are few escrow companies that will facilitate them and they give you the paperwork and you do it yourself…after closing. Today I learned from the escrow company handling this closing that if you wait to do it later, the Pierce county recorder is now charging almost a percentage point in excise tax to put them on later.  So in order to do it at the time of closing, you must think about it ahead of time and get the lenders approval as well as a title report on the individual. But it can be done. Also that individual has to sign a document at escrow. This varies in other areas.

2.  No Cashiers Checks Accepted on Closing Day!

My client went to the bank this morning to get a Cashiers check for closing.Unfortunately she didn’t do it yesterday as she said she was.So the escrow company turned it down and she had to go back to the bank to wire the funds.There are some escrow companies that only accept wire transfers.It is important to determine ahead of time how you will bring in your funds.And the frustrating part is that sometimes you can’t get the amount needed until the last minute for a variety of reasons.  So being mentally prepared to just go with the flow makes life easier and less stressful. Plan to wire your funds.The escrow company will give you the instructions and keep them with you.When you get the amount from escrow, go take care of the wiring of funds.