what to do before the closing appointment. your escrow officer or escrow technician will contact you to schedule your closing appointment and inform you of the funds you need to bring with you. obtain a cashier’ s check for that amount made payable to first american title Insurance company. If a wire transfer is necessary, arrange for it in advance with your escrow officer.
first american title is required by law to have funds deposited before escrow funds can be disbursed. expect delays if you submit a personal check! If you have questions or anticipate a problem, contact your escrow officer immediately.
don’ t forget your identification. you will need valid identification with your photo; a driver’ s license is preferred. this is necessary so that your identity can be sworn to by a notary public. It’ s a routine step, but it’ s important for your protection.
what happens next? during your closing appointment at first american, you will sign loan documents and instructions to transfer the title of the home you are purchasing and you will present your identification so the documents can be notarized. you will review the settlement statement and give the escrow officer your cashier’ s check.( the seller will sign at a separate appointment.)
the signed loan documents will be returned to the lender for review. first american will ensure that all contract conditions have been met and ask the lender to“ fund the loan.” If the loan documents are satisfactory, the lender will send the check directly to first american title, usually within 24 hours. When the loan funds are received, first american will verify that all necessary funds have been received. We will then record the deed at the county recorder’ s office and disburse escrow funds to the seller and other appropriate payees. at this time, your escrow is closed!
you get the keys. after the escrow is closed, we will notify your realtor ® who will give you the good news and arrange for you to receive the keys to your new home. closing your escrow
We recommend you keep all records pertaining to your home together in a safe place, including all purchase documents, insurance, maintenance and improvements.
loan payments and impounds. you should receive your loan coupon book before your first payment is due. If you don’ t receive your book, or if you have questions about your tax and insurance impounds, contact your lender.
home warranty repairs. If you have a home warranty policy, call your home warranty company directly for repairs. have your policy number available when you call.
recorded deed. the original deed to your home will be mailed directly to you by the county recorder, generally within two to three weeks.
title insurance policy. first american title will mail your policy to you in about two to three weeks.
property taxes. you may not receive a tax statement for the current year on the home you buy; however, it is your obligation to make sure the taxes are paid when due. check with your mortgage company to find out if taxes are included with your payment. for more information on your Maricopa county property taxes, contact:
- Maricopa county tax assessor: 602.506.3406- Maricopa county treasurer: 602.506.8511
* important
AFTER
THE closing
property tax dates
taxes for the first half of current year, January 1 through June 30:
due on: october 1 of current year delinquent on: November 1 current year
taxes for the second half of current year, July 1 through december 31: due on: March 1 of following year delinquent on: May 1 of following year
note: you are responsible for paying the property taxes on your home even if you don’ t receive a tax bill!
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