Buyers,

I would like to inform you about what takes place in a transaction in order to know how and when closing occurs. Basically, when is it all over and when do you get the keys to your new house?!!

These procedures will be general to most closings but most specific for Arizona transactions.

• Search for homes to purchase
• Go see homes with your agent
• Place an offer on a home of your choice
• Wait for a response from the seller regarding your offer.....hopefully just an acceptance. But, you may enter into the world of negotiations. Hopefully, you still end up with an accepted offer....which simultaneously becomes the purchase contract.
• Conduct your inspections(home, termite, mold, etc.) during the 10 day inspection period. Hopefully all goes well and you sign a Buyer's Inspection Notice & Seller's Response form(BINSR) stating that you are proceeding to move forward with the contract to close.
• Along the way, you will have an appraisal done if you are obtaining financing.
• Along the way, you will be doing whatever is needed as far as paperwork goes in order to obtain your desired financing.
• Once your loan is approved by an underwriter, in about 2 days, loan documents(for the buyer to sign) will be produced and sent to the title/escrow company.
• Title/Escrow will then work up the Pre-Audit or HUD1 for everyone involved to review.
• Sign your loan documents and the escrow documents provided by title/escrow usually at the title company.
• Then, title will send your signed loan documents back to the lender for review. After reviewing these documents, if all is well, the loan company will fund the loan. This means they will send a wire of funds for the amount of the loan the buyer is getting.
• You should also deposit your closing funds(down payment and closing costs) to title at this time or prior to this.
• When all funds have been received by title, they release the file to record at the county recorder's office. (Documents that need to be recorded will have already been prepared and ready to record by now.)
• In Arizona, recording constitutes closing. So, when the deed is recorded, the transaction has closed.
• Now you can receive your keys to the home and make it yours!

If you would like to utilize the experience of a seasoned real estate broker, please contact me. I am at your service. Oh....By the way, you don't need to pay me anything for my services in helping you buy a home. The seller pays the commission.

I hope that you find this information helpful.