Terry’s Transaction Timeline
This chart will give you a breakdown of events along the course of a typical 30 day Escrow.
We move things along quickly out here!! Most Escrows are 30-45 days long.
This timeline is provided to give you a skeletal view of how the escrow process works.
We will go into FULL detail of every one of these steps, as we are writing our offer!!
Day ONE: “Opening Escrow”
The contract and the Earnest Deposit check are delivered to the Title Company.
In Arizona, there are no lawyers in the transaction. The Title Company coordinates
the entire closing process, in cooperation with the Mortgage company and
Terry Roberts, our Transaction Coordinator.Your Earnest Deposit Check is held in
the Title Company’s Trust Account. We shall receive an Earnest Deposit Receipt
to confirm Escrow has been “opened.”
On or Before… Day FIVE:
We shall sign off on the Seller’s Property Disclosure Statement.
You shall have read and signed the BUYER ADVISORY form
On or Before… Day TEN:
Home Inspection shall be completed,Termite report completed,
AND we are in receipt of theConditional Loan Approval letter from your Lender.
On or Before… Day 15:
Seller agrees in writing to complete any repairs we requested.**These first two weeks
are critical, as the above deadlines are in conjunction with the Purchase Contract,
and may or may not effect our Earnest Deposit.***
It is within the next 10 days when we usually see FINAL LOAN APPROVAL, and then
Loan Documents are Sent to the Title company.
Day 27:
Final Walkthrough on the Home. This is done to ensure all the repairs we requested,
have been completed, and to get orientated with the various systems of the home.
(ie: pool, sprinklers, alarms, landscaping, etc…)
Day 29-30:
You go in to the Title Company and “sign” off on all Loan and Title Documents.
If necessary, Loan Documents go back to lender for a last minute review, and then
they “cut the check!”
Day 30:
The transfer of Title is officially Recorded Downtown,
and you are now an Arizona Resident…Congratulations, you did it!!
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