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In Arizona, What Does "Funding the Loan" Mean?

By Bill Risser

Title Insurance with Fidelity National Title

June 21, 2010 03:45 AM

When the lender "funds the loan", what does that mean? To an escrow officer, this means that the lender and the escrow officer agree on the amount being wired from the lender to title. What it doesn't mean is the transaction has recorded and the buyer can take possession. Once the wire is received, and the file has been double checked by title, and the county accepts the electronic recording of the documents, then transfer of ownership is complete. Remember, this is how Arizona handles real estate transactions. Each state has their own procedures...

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Nick Bastian

Realty Executives - Tempe, AZ

Real Estate Agent - Tempe

This is a good one for many of us to save. The buyers hear it from us but it might be helpful for them to hear it from you, as well.

"What do you mean I can't have the keys, they already have my money." :)

Jun 21, 2010 03:53 AM

Bill Risser

Fidelity National Title - Saint Petersburg, FL

Fidelity National Title - Tampa District

Hey Nick - It seems no matter how carefully I explain the process at the signing, many buyers forget what I've told them... It has to be the heat of the moment and the excitement of getting into that new home!! Completely understandable...

Jun 21, 2010 03:58 AM

In Arizona, What Does "Funding the Loan" Mean?

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