Most people have heard the term ‘close of escrow,’ yet it still remains a mystery to many. In Arizona, unlike other states, there is no formal meeting with buyers, sellers, their agents, bankers, and attorneys around a table. In fact, in AZ, it’s common that buyers and sellers never meet face to face.
Approximately two to four days prior to the scheduled close of escrow date, the closing process begins with the lender delivering the buyer’s loan package and closing instructions to the title company. A settlement statement is prepared, and the escrow officer notifies the buyer of any additional funds needed and sets an appointment for the buyer to sign the loan documents.
Once the lender’s documents have been signed, they are returned via messenger, express mail, or fax to the lender’s loan closer who then reviews and approves the package for funding. After the package receives final approval, the loan closer notifies the escrow officer that loan proceeds are available. After all required funds are deposited and available for withdrawal in the escrow bank account, the deed is released for recording. Escrow has ‘closed’ once the deed records.
In order to ensure a timely and successful closing, a coordination of efforts among all the parties is needed. The best way to ensure your escrow closes on time is to work with an exclusive Arizona buyer’s agent to captain the ‘closing team.’
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