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What you should know
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Your
“Closing” Appointment
What do
I need to do before my appointment to sign the escrow papers?
Cashier’s
Check. Obtain a cashier’s or certified check made payable to the
escrow company in the amount indicated to you by your escrow officer or
you may choose to wire funds. Contact your escrow officer to obtain wire
instructions. A personal check may delay the closing since a title company
is required to have “good funds” (check has cleared) before disbursing
funds from escrow. Similarly, amount of state check could cause a delay in
closing due to delays in clearing the check.
Lenders
Requirements. Make sure you are aware of your lender’s requirements
before you come to the title company to sign your papers. Your loan
officer can assist you.
Hazard/Fire
Insurance. Be sure to order your hazarded/fire insurance once your
loan has been approved. Then call your escrow officer with the insurance
agent’s name and phone number so that he or she can make sure that
policy complie4s with your lender’s requirements. You must have your
insurance in place before the lender will send money to the title company.
Identification.
Please bring a valid driver’s license, passport or picture I.D. with you
to the title company. This is needed so that your identity can be verified
by a notary public. It’s routine, but a necessary step for your
protection.
After
signing the closing documents
When does
the transaction actually “close”?
After you have
signed all the necessary instructions and documents, the escrow officer
will return them to the lender for final review. This review usually
occurs within a few days and upon completion, the lender is ready to fund
your loan and advises the escrow officer.
Usually the
Deed and the 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.”
What
is Escrow? | The Loan Process | Title
Insurance
Your “Closing” Appointment | Helpful
Reminders
Taking Title in Arizona
Fidelity National
Title has furnished this information.
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Have
questions about building your new home, commercial project, property management,
or real estate? You can always contact us at 1-877-459-3892 if outside Arizona,
480-964-1946 within Arizona, or just email us by clicking
here!
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