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Written by Rick Swindell
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Closing
At some point, usually a few days before the Close of Escrow Date, the Buyer has the opportunity to have another viewing of the property. During this viewing, known as the Walk Through, the Buyer must verify that all repairs agreed upon by the Seller have been preformed and done to the Buyer's standards. If deemed necessary the Buyer may wish to have the Property Inspector meet them during the Walk Through so that they can assess the quality of any repairs made.
As a Buyer, it is important to make sure that you obtain a copy of any receipts for repairs that have been made. I am always sure to request such receipts from the Listing Agent. Often times there are Transferable Warranties for the repairs and for other more recent home improvements that have been done to the property and I am always sure to ask for these as well.
In accordance with the Arizona Real Estate Contract all Loan Documents must arrive from the Lender to the Title Company no later than 3-days prior to the Close of Escrow Date. Since this stipulation was added to the contract in 2005 closing delays have been greatly reduced. Usually the Seller will go into the Title Company, almost always separate from the Buyer, to sign any documents necessary to transfer title of the property to the Buyer. Assuming the Buyer is financing the property the Buyer will then go in and sign the same type of documents as well as any Loan Documents.
Once all the documents have been sighed the Title Company will send the signed documents to the Lender. Once the Lender has reviewed and confirmed the documents they will then send a Wire Transfer of Funds to the Title Company. The Title Company will then send a Wire Transfer to pay off the balance of any loan(s) that the Seller might have out on the property and issue a check or wire to the Seller for any remaining balance. Once this has been done, the Title Company will then release the Title Transfer to be recorded at the County Recorders Office.
Once recorded the property is said to be "Funded and Recorded" and it is at this time that the transaction has officially closed. It is also at this time that the Buyer can get the keys to their new home.
I am happy to say that I have had the opportunity to see this process come to a successful close many many times and usually without any major bumps in the road. I am truly an agent that enjoys helping people. I pride myself in the quality of help and the amount of patience I show my clients. Whether that is assisting someone who is relocating to Arizona, a first-time home buyer, or someone wishing to purchase a beautiful vacation home to come to during our amazing winters. Whatever it is, I am more than happy to help.
If you would like me to assist you in the purchase of a home here in the Phoenix Valley then please contact me or click here to register as a buyer.
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