Step 7 - Moving Toward The Closing
Once the Inspection Period has ended and the BINSR has been negotiated you are then on your way to closing the real estate transaction. However, there are still many activities that need to be performed in between the inspection period and the close of escrow.
At this time the title company should have already completed the title search and determined that the property has clear title. They have also begun preparing the necessary documents to transfer title to the new owners. There are several ways to hold title in Arizona as previously mentioned.
If you are financing property you will want to make sure that you have provided your loan officer with all the necessary documents that they will need to get the loan through the underwriting process. The banking industry has changed a lot in the last couple of years so working with a lender who has kept themselves "in the loop" and who will keep you "in the loop" during the transaction is very key. Most buyers do not realize that in accordance with the contract loan documents are required to be at the title company 3-days prior to the close of escrow or the buyer will be in breach of contract and could risk loosing the property.
As we stated, if you do not have a person you can trust to provide you with financing we have several contacts that we can recommend. Please Contact Us or complete the Buyer Form here so that we can forward you that information.
Another thing you will want to take care of before the closing will be obtaining a homeowners insurance policy. Most of the time, unless you have a preferred company, your loan offer can get the insurance set up for you.Another important thing, if you looking forward to moving into your new home right away, is to identify the utility companies that provide service to the property and call them to set up a switch of service from the current owners account to an account that you establish on the close of escrow date.
