As the end of 2011 approaches it is a good idea to be mindful of some dates and deadlines so you can be sure your escrow closes on time.
The King County Courthouse, Chicago Title, and the banks are all closed on December 26th 2011 and January 2nd 2012 for the holidays. This means nothing can be recorded on these dates and no funds can be sent or received through the Federal Reserve system.
If you are setting up closing dates for December be mindful of these dates.
Due to the holiday and bank closures, sellers who are anticipating wires could experience a delay. If the closing takes place on Friday December 23rd and recording numbers come in after 2:30 your seller’s funds could be delayed until Tuesday December 27th. There is always an option to pick up a check the day of closing; clients just need to let us know what they prefer.
If we are paying off loans and the transaction closes on the 23rd there will be interest collected and paid to the lender until the 27th.
The national delivery services UPS and FedEx also have holiday schedules. This means that documents being delivered around the country and abroad could be delayed.
The last day to sign for refinances in December is the 23rd. Again the holiday impacts the rescission schedule for those refinances that are subject to rescission.
The moral of the story is to watch your dates in December and make sure you allow ample time to meet year end closing dates for your clients. Communication with your escrow professional will help insure smooth and timely closings as we wrap up the year.
Have a wonderful holiday season!
Loading ...