What Is A Closing Day For A Home Buyer

Buying a home in Arizona? Learn what to expect on closing day, including the signing process, funding, recording, and when you can move in.

Homebuyers in Arizona often approach closing day with excitement and a touch of confusion. This blog clarifies what happens on this crucial day and how to ensure a smooth transition into homeownership.

What to Expect

When buying a home in Arizona, closing day should be one of the most straightforward parts of the process. Let's explore what closing day entails and how to ensure a smooth experience.

Three Key Components of Closing

Closing on a home involves three primary steps:

• Signing: Finalizing the paperwork, including the deed, loan disclosures, and other legal documents.

• Funding: Transferring the down payment and closing costs to the escrow account, along with the lender's loan funds.

• Recording: The final step, where the title and escrow company submit the signed documents and funds to the county recorder's office.

The Signing Appointment 

A few days before closing, you'll schedule a signing appointment where you'll review and sign all the final paperwork related to the home purchase. 

During the appointment, you'll carefully review each document to ensure that all information is accurate, including your name, property address, and closing figures. If you notice any errors or discrepancies, don't hesitate to point them out immediately.

Having your real estate agent present can be invaluable during this process. They can help you understand complex legal terms, verify the accuracy of the documents, and address any concerns that may arise.

The signing appointment can take place in a title office or, in some cases, via a mobile notary. This flexibility allows you to choose the location that is most convenient for you.

Funding Your Home Purchase

During the funding process, you'll send your down payment and closing costs to the escrow account. Typically, this involves wiring the funds from your bank account. Alternatively, you may choose to use a cashier's check.

Your lender will also contribute the loan funds to the same account. This ensures that all necessary funds are in place for the transaction.

Once the title and escrow company receives all signed paperwork from both the buyer and the seller, and have received all the funds, now they are preparing the file for recording.

Recording at County’s Office

Recording is the final step happening on closing day. 

Once everything is in order, the title officer submits your documents to the county recorder's office. This public record officially transfers ownership of the property to you.

The Significance of Recording

Recording is a crucial step for several reasons:

• Public Notice: It provides public notice of the ownership transfer, ensuring transparency.

• Legal Protection: It protects the rights of all parties involved in the transaction, safeguarding your interests and those of future owners.

• Enforceability: Recording ensures that the transaction is legally enforceable, providing a solid foundation for your new homeownership.

Finally, as soon as a transaction is recorded, you are now a homeowner.

Potential Delays and How to Avoid Them

If the signing or funding does not take place before the closing day, there is a good chance your closing day will be delayed.

That’s why it is super important to do both of them before the actual closing day. To reiterate what I said previously, all that should happen on closing day is the final recording.

And even if closing day isn’t delayed, getting them all done and dusted beforehand will help reduce your stress levels; you won’t have to worry about so many moving parts.

Getting Your Keys to Your New Home

Once confirmation of the new deed is recorded with the county, all relevant parties will be notified. 

Your agent should then provide you with the keys to your new home. Just remember that you won't be able to get them beforehand. 

Yes, this can be a little frustrating, but the importance of recording takes priority. So you’ll just need to wait until everything is good to go. 

After that, it should be smooth sailing! 

Should You Schedule Movers for Closing Day?

While the excitement to move in is understandable, scheduling movers for closing day isn't ideal. Delays caused by unforeseen circumstances can impact their schedule. Additionally, you can't access the property until the recording is complete. 

To avoid any inconvenience, consider scheduling movers a few days after closing. This ensures everything goes smoothly and minimizes stress.

Beyond the Blog…

If you found this blog informative, explore our other real estate resources for further insights. We also encourage you to contact us at Realtor@stephaniehernandez.com with any questions you may have.

If you're looking for a FREE 1-on-1 Consultation, Schedule your consultation today! 

Let's discuss how I can help you navigate the Arizona real estate market and achieve your homeownership goals.