Finishing up the Purchase Process
Submit your loan application. Next, have a qualified inspector conduct a physical inspection of the property during the contingency period. Once the Preliminary Report and the Seller’s Disclosure Statement are approved, conduct a property appraisal. Don’t forget to perform termite inspection and certification.
Once you have obtained approval for your loan (if you haven’t already been pre-approved), select your insurance company. This way you will be covered at the close of escrow.
Now it’s time for the closing.
What Happens At The Escrow Closing Appointment
Prior to the appointment, your escrow officer will contact you to schedule your closing appointment and inform you of the funds you need to bring with you. Obtain a cashiers check for that amount from a financial institution, made payable to the title company. If a wire transfer is necessary, arrange for it in advance with your escrow officer.
The title company is required by law to have funds deposited before escrow funds can be disbursed. Expect delays if you submit a personal check. If you have questions or anticipate a problem, contact your escrow officer immediately.
Don't forget your identification. You will need valid identification with your picture on it. A driver's license is preferred. This is necessary so that your identity can be sworn to by a notary public. It's a routine step, but it's important for your protection.
What happens next? During your appointment at the title company, you will sign loan documents and instructions related to transferring the title of the home you are purchasing. You will give the escrow officer your cashier's check and present your identification.
If applicable, the signed loan documents will be returned to the lender for review. If the documents are satisfactory, the lender will fund the loan, sending their check directly to the title company, usually within 24 hours. When the loan funds are received, the title company will verify that all necessary funds are in. They will then record the deed at the County Recorders Office and disburse escrow funds to the Seller and other appropriate payees. At this time, your escrow is closed. The title company will notify your real estate agent who will give you the good news.
What Happens After the Closing
Keys To Your Home. Your real estate agent will arrange for you to receive the keys to your home according to your agreement on possession.
Loan Payments Impounds. You should receive your loan coupon book before your first payment is due. If you don’t receive your book or if you have questions about your tax and insurance impounds, contact your lender.
Home Warranty Repairs. Call your home warranty company directly for repairs if you have a home warranty policy.
Recorded Deed. The original deed to your home will be mailed directly to you by the County Recorder, generally within two to three weeks.
Title Insurance Policy. The title office will mail your policy to you in about two to three weeks.
Property Taxes.You may not receive a tax statement for the current year on the home you buy; however, it is your obligation to make sure the taxes are paid when due. Check with your mortgage company to find out if taxes are included with your payment. Property taxes are assessed in Pima County on a calendar year (Jan. through Dec.), and payment dates are:
- First half taxes for the current year (Jan. 1 - Jun. 30) are due on Oct. 1 of the current year and are delinquent on Nov. 1 of the current year; and
- Second half taxes for the current year (Jul. 1 - Dec. 31) are due on Mar. 1 of the following year and are delinquent on May 1 of the following year.
For more information on your property taxes: County Tax Assessor (520) 740-8630; County Treasurer (520) 740-8341
We recommend you keep all records pertaining to your home together in a safe place, including all purchase documents, insurance, maintenance and improvements.