Fountain Hills Buyers Guide to the Escrow Process

You found the perfect home, your agent negotiated a great price, the contract got accepted and signed by the seller, now what?

Buyer’s agent emails executed contract to title company. Escrow is open and buyer deposits earnest money check with the title company.

The title company emails escrow instructions to buyers and seller with requests for information about the transaction, ( contact info, addresses, lender info, etc)

Title company orders preliminary title report and when received emails to all parties for review

Title company requests CCR’s “Covenants, Conditions & Restrictions.” from the HOA (Homeowners Association)

Seller’s property disclosure (SPDS) along with a clue report should be provided to buyers and buyers agent for review

If the buyer is getting a loan, the lender will prepare a Loan Status Update (LSU) for the buyer’s signature, which also must be delivered to the seller within 5 days of contract acceptance

Within the first 10 days of contract acceptance buyer should complete all inspections of property (home, pool, termite, etc). Requests for repairs (if any) must be presented, and the seller responds within 5 days

Buyer has received and reviews CCR’s

Follow up to lender for status on loan

About a week before closing buyer should set up utilities in their name

Loan is approved and title contacts seller and buyer to schedule appointments for signing all docs

3 days before closing, the buyer and seller sign documents at the title company. Signings for buyer and seller are done separately. Buyer can bring a cashier’s check with remaining funds to title company or wire funds if more convenient. Documents are then sent to lender for review and then sent back to title.

On the day of closing, bank funds are wired to the title company.

Funds are disbursed and deed of trust will then be recorded. Recording is performed electronically in Maricopa County, on a first come first serve basis, once recorded it is considered the close of escrow.

Buyer’s agent delivers keys to buyer!

Looking for a home in Fountain Hills or the surrounding areas? Call/text me or email me for a quick response to your questions.