Once your lender is finished approving you for a loan, the lender will send all the loan documents to the escrow company and the escrow officer will add your loan documents to all the other documents you’ll need to sign. You’ll be able to sign all the documents at one time.
If you’re in Canada, the escrow officer will overnight the documents to you for your signatures with a prepaid envelope back to the escrow company included. Some of your signatures will need to be notarized.
If you’re in Arizona, you can do the signing at the office of the escrow company.
The escrow company will send the signed loan documents back to your lender and keep the rest.
Escrow Account Deposits
Earnest Money – Your earnest money is already in the escrow account and has been there ever since escrow was opened.
Down Payment – You’ll order your bank in Canada to wire your down payment into the escrow account in Arizona on the day before, or the morning of, closing. If you’re paying all cash, you’ll order your bank to wire all the money you need to close into the escrow account.
Loan – Your lender will wire the money you’re borrowing into the escrow account the day before, or the morning of, closing.
On the closing date given in the purchase contract, after all the money needed is in the escrow account and all other conditions in the contract have been met by you and the seller, the escrow officer will send electronically to the Maricopa County Recorder’s office the previously prepared deed signed by you and the seller.
When the new deed with your name on it is recorded at the County Recorder’s office, you become at that instant the legal owner of the property.
Congratulations! It’s Closed! You’re the Owner!
Now start planning your Arizona vacations.
Keep me in mind when you’re ready to talk to an Arizona real estate agent!
Thank you for reading this tutorial all the way to the end!
I hope it was useful to you.
Please feel free to email or call me if you have any questions.
Associate Broker, M.S.
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