Located in Liberty Lake, Washington
Liberty Closing and Escrow was established in January of 2007. The office is
conveniently located off Interstate 90, Exit 296, near the Washington/Idaho border.
This location serves Eastern Washington and Northern Idaho.
As a full service office, transaction types include:
|Land and finished lots|
Explanation of Terms
The terms "closing", "signing" and "escrow" are oftentimes used interchangeably.
For real estate closings in Washington and Idaho, closing occurs when the
documents are recorded at the County courthouse. The signing appointment is
normally scheduled for one or more days prior to the closing date. Prior to
recording, the parties open escrow when they deliver their agreement to a neutral
third party (i.e. attorney, title company or independent escrow company) known as
the closing or escrow agent. There are also long-term escrows in which funds are
collected and disbursed by a neutral third party based on agreements that survive
the closing. Another use of the word escrow references escrow reserves/impounds
which are funds collected and held by the lender to pay future taxes and insurance.
A Little About What We Do
Escrow is normally opened with a purchase and sale agreement or, in the case of a
refinance, lenders instructions. Liberty Closing and Escrow will then open a file,
order a title commitment, clear title, prepare transfer documents and closing
statements/HUD-1, obtain signatures and funds, record documents and disburse
funds. As a neutral third party, we perform the actions above based on the
instructions of the parties to the transaction and our responsibilities as a Limited
Practice Officer ("LPO") licensed by the Washington State Bar Association.
Independent escrow officers are also required to be licensed by the Department of
Financial Institutions in the states in which they operate. Liberty Closing and Escrow
is currently licensed to operate in Washington and Idaho.
Liberty Closing and Escrow, LLC