I’ve signed everything, where are my keys?

Real Estate Agent with Keller Williams Northeast Realty

When do I get my keys?

Closing on an Arizona Real Estate transaction can be confusing, especially for First Time Buyers and out of state Buyers.  Usually, documents are signed several days prior to consummating the transaction.

In Arizona Real Estate, the property must "record" for the transfer of real property. That is, the County Recorder must document the sale. While each transaction is a little different, they all are subject to common closing time-lines.

When a Buyer is obtaining a loan, the Lender is intimately involved in the closing process, particularly in the last few days before closing. Cash transactions are more streamlined, but still must record before the property is transferred.

Here's a typical escrow time-line:

-First the escrow process must be completed; CC & R's provided, Title commitment reviewed, Homeowner's Insurance ordered, Home Warranty chosen, inspection completed, etc.

-When your loan is fully approved, the Lender will send instructions, to the Title Company. This should occur three to four days prior to your closing date.

-Your escrow officer will then work up a ‘preliminary audit' or HUD for all parties reference, and approval.

-When these numbers are agreed upon, they will be sent back to the Lender. The Lender will then send your actual loan documents to the Title Company.

-At this point you will be contacted for an appointment to sign your big pile of paperwork, and bring your closing funds (either by certified check or wire).

-Just prior to this, you will want to conduct a final "walk-through" of your new home.

-After you sign your documents, the entire package will then be sent back to your Lender. The Lender will schedule the loan amount to be wired. Depending on your Lender's policy this can take 24 - 48 hours, or longer, if any conditions have not been met.

-After the loan is funded, your Escrow Officer will send the file to the County Recorder's office for final recordation. If the loan is funded early enough in the day, this can occur on the same day. However if the loan funds after 2pm, the property will normally record the next business day.

All this usually ends with an anti-climatic phone call from the Title Company indicating "we've closed".  

Congratulations, now you get your keys!!

A few reminders for Buyers so your closing is not delayed:

Work closely with your Lender to ensure they send your loan documents to the title company at least three days before the anticipated closing date. 

Plan to be flexible with your schedule just prior to closing, so you can sign documents at the optimum time.

At The Sol Group, we work as a team to coordinate transactions for a smooth closing! We'd be happy to help you!

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Chuck Carstensen
RE/MAX Results - Elk River, MN
Minnesota Real Estate Expert

Its interesting that closings are handled different there then they are in Minnesota.

Mar 01, 2011 04:35 AM #1
David Krushinsky
Dk Home Loans, LLC - Peoria, AZ
AZ MB-0949619 MLO NMLS #202115

Such a great explanation...  There is always confusion on this topic.

Mar 03, 2011 05:30 AM #2
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