Our Closing Process
Our process has changed due to the crisis. The safety of our clients, their agents and our settlement officers is our top concern. Only principals should be attending settlements, buyers and sellers must be signing separately.
Prior to settlement, notify Masters Title & Escrow if any of the following apply to any party to a transaction or to a person who intends to attend settlement:
- A diagnosis (positive test result) for COVID-19
- Awaiting the results of a test for COVID-19
- Under quarantine by direction of a healthcare provider
- Have traveled (or a household member has traveled) in the past 14 days to anywhere designated as having widespread sustained spread by the Centers for Disease Control & Prevention Geographic Risk Assessment tool: https://www.cdc.gov/coronaviru…
- Have been in contact with someone diagnosed with COVID-19
- Have been in contact with someone who has had contact with someone diagnosed with COVID-19
There are ways to mitigate exposure in real estate transactions. Please help us do so.
Preparing for Settlement:
- We ask that you e-mail or text a photo of your valid, government issued ID to your settlement officer prior to closing.
- We will verify the sellers’ wire instructions for proceeds.
- We will obtain address or wire instructions for broker commissions.
- We will contact the parties in advance of the closing to set expectations for all parties.
- Whenever possible, we will send for prior review all closing documents available to us.
- All title and possession-related issues must be resolved before a signing may be scheduled.
- Buyers and Sellers will sign separately.
- Agents, should they wish to participate, must do so remotely. Again, only principals may attend settlement. No exceptions.
- Sellers’ proceeds and brokers commission will be wired or sent via overnight courier.
- Any cash necessary to close must be wired
Note: In some cases we will engage a third-party mobile notary or remote online notary to conduct signings. In these cases we will finalize the details with the parties to the transaction and coordinate the signing of documents with the notary who will act as a witness closer and notarize all documentation.