In my many years as a real estate professional, I have learned the day of closing has always been either the best part or the worst part of the home buying process.
I think the biggest part of the problem is that almost every buyer I represent thinks they get their keys when they sign the documents at the title company. When buyers find out they are not getting their keys right after they just seemingly signed their lives away, it sets a bad tone for the remainder of the process. Explaining why you don’t get the keys when you sign your documents could be the key to your happiness in the final stages of the home purchasing process.
The three elements of closing are explained below – these events often occur with 24 hours of signing and sometimes the same day.
Signing: Your loan has been approved and the loan documents are at the Title Agency waiting for your signatures. What you will be signing are the mortgage documents for your loan; as well as, the Deed paperwork for ownership in Maricopa County.
Funding: Next the mortgage documents are reviewed by the mortgage company for accuracy. The mortgage company will then fund the loan. All loan charges and proceeds are disbursed and paid pursuant to the purchase contract.
Recording: When the loan has funded, the title company electronically releases the Deed for recordation in Maricopa County in the new owner’s name. When recordation is confirmed by the Maricopa County Recorder’s Office, the property is now owned by the Buyer, and… the keys are released!