SELLING A HOME IN ARIZONA
THE SIGNING APPOINTMENT
The escrow officer will contact you to arrange an appointment for you to sign all the necessary documents. Your appointment will take approximately 45 minutes. Your signature(s) will need to be notarized so make certain to bring either a passport or current driver’s license for identification purposes.
After Your Signing Appointment:
After the seller and the buyer have signed all the necessary instructions and documents, the escrow officer will return them to the lender for final review. The review generally occurs within a day, allowing the necessary work to be completed to record the close of escrow.
Closing Escrow: Recording of the deed signifies legal transfer of title to the property from the seller to the buyer and is the culmination of the transaction. Usually the Deed and Deed of Trust are recorded within one working day of the escrow’s receipt of loan funds. This completes the transaction and signifies the “close of escrow.”
Your Proceeds: A final settlement statement and check for any proceeds due will be available the day the sale is completed, documents are recorded and the escrow is closed.
After Escrow Closes:
After the loan has been finalized, the documents signed and recorded, and the financial settlement completed, there are still a few items that must be attended to in order to officially complete the transaction.
Your existing loan is paid in full from escrow. Your lender is required by law to issue a full release and reconveyance of their loan. As soon as the Deed of Reconveyance removing the previous Deed of Trust is received, it is recorded and the original is returned to you. This process can sometimes take several weeks.
Finally, in some cases, the escrow officer will be instructed to hold funds in escrow to pay off obligations that may not be completed until after escrow closes. For example, funds might be set aside for termite repair work or correction of a structural problem. Upon completion of the project and receipt of the proper documentation for release, the escrow officer will disburse the reserve funds as appropriate.