The Path to Closing
• CLOSING DISCLOSURE: Once we are cleared to close, your Lender will initiate the Closing Disclosure (CD). The CD must be acknowledged (via e-mail is ok) no less than 3 business days prior to the signing of the Loan Docs. Please send us the CD to review with you. This is not sent to us by your Lender.
• PRELIMINARY WALKTHROUGH: A few days prior to Close of Escrow, we will schedule a Walkthrough of the property to verify that all of the repairs have been completed and that the property is in the same condition as it was at the time of purchase.
• ESTIMATED SETTLEMENT STATEMENT: Once Loan Docs are sent to the Title Company, we will receive an Estimated Settlement Statement showing all of your debits, credits, and the amount required to close.
• CLOSING DOCUMENTS & COSTS: The Title Company will call you and set up a time for you to come in and sign your Closing Documents. The Seller will also need to sign their Closing Documents at a separate time. At your signing, your Down Payment + Closing Costs will be due either via Wire* or Cashier’s Check. Closing Costs are somewhere between 2-6% of the Purchase Price, and you will have reviewed them in detail when you received the Closing Disclosure and Estimated Settlement Statement. The exact number is provided a day or two prior to your signing. PLEASE KEEP IN MIND THAT IN ARIZONA, THE SIGNING OF DOCUMENTS DOES NOT CONSTITUTE CLOSING. All Closing Documents must be returned to the Lender, and the Lender has to fund the loan before the Title Company can release the file to record. In the case of a cash deal, once all parties have signed and monies have been delivered, Title will release to record. If you live out of state, the Title Company will help you coordinate a notary for signing and the overnight delivery of documents back to Arizona.
• FINAL WALKTHROUGH: The evening before or morning of Close of Escrow, we will conduct a final walkthrough (if necessary) to confirm that the property is in the same condition (including repairs) as the time the contract was written.