Signing And More
Here are some things to remember about signing and more during the real estate transaction. An appointment is required for the signing. Please call your Escrow Officer to arrange a convenient time. There are several acceptable forms of identification which may be used during the escrow process including: A current driver’s license; Passport; and State of Arizona Department of Motor Vehicles ID Card.
One of these forms of identification must be presented at the signing of escrow in order for the signature to be notarized. On rare occasions, funds are insufficient to close escrow and the seller or buyer must deposit money into escrow. Should this situation occur, the buyer or seller will need to wire transfer the funds and/or obtain a cashier’s check or certified check issued by a Arizona financial institution that is made payable to the title company in the amount indicated to by the escrow officer. A personal check may not be accepted, as it might delay the closing since the title company is required by law to have good funds before disbursing funds from escrow. Similarly, an out-of-state check could cause a delay in closing, due to delays in clearing the check.
Paying Off Your Existing Loans
Unless the buyer takes over the seller’s existing loan(s), the loan(s) will be paid off at the close of escrow. The seller will need to furnish complete information to the escrow officer and real estate agent on each loan against the property and will need to provide the name of each lender. The escrow officer will need this information to order the loan payoff demands so the loan(s) may be paid off correctly at the close of escrow. Homeowners Association information may also be required if the property being sold is a condominium, townhouse, or property located in a planned unit development. All of this information will help insure the timely closing of escrow.
Disclosures and Contingencies
During the process of selling the property, the seller will be asked to fill out a property disclosure form which is now required by law. In this document, the seller will inform the buyer of any significant facts he/she has about the conditions of the property. Your real estate agent or escrow officer can assist you with these. There will be various contingency dates in your real estate sales contract. You should be very aware of these and be sure that the actions required are performed in a timely manner. Such contingencies include the buyer’s loan approval, approval of the Preliminary Title Report, approval of structural pest control and other inspections. Stay closely in touch with your real estate agent regarding these important dates.
After The Buyer’s Loan is Approved
When the buyer’s loan is approved and the loan documents are sent to the escrow officer handling the transaction, the escrow officer contacts the buyer to schedule a signing appointment and collect the final closing funds. The escrow officer will collect any and all necessary documents needed from the seller, together with the executed Grant Deed if it has not already been handed to escrow.
After Completion of the Sign-Off
After the seller and the buyer have signed all necessary instructions and documents, the escrow officer will return them to the new lender for a final review. Following the review, the lender is ready to fund the buyer’s loan, and advises the escrow officer, so that the necessary work can be completed to record the documents and “close” escrow.
What is “Close” of Escrow?
It signifies the legal transfer of title to the property from the seller to the buyer and is the elimination of the transaction. Usually, the Grant Deed and Deed of Trust are recorded within one working day of the escrow holder’s receipt of loan funds.
When Are The Proceeds Received From the Sale
A final settlement statement and the seller’s net sales proceeds are available to the seller the day the sale is completed, documents are recorded, and the escrow is closed. The seller may receive his/her proceeds in the form of a company check or wired funds.
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