Six Steps to Home Ownership
Step 6: The Close and the Move
It's important that all funds required to close get to the title company at the appropriate time. Your agent and escrow officer will help you coordinate the transfer - you will need either a certified check or you will need to wire your fundes from your bank. Then once the deed gets recorded at the county -- Congratulations! Now the house is yours. Coordinating the mover and utilities is the final step to making your new purchase home.
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In Arizona, it is quite common for the buyer and seller to never meet. Rather than a face-to-face meeting on settlement day, each signs their appropriate documents a few days prior to close. When you go to close, you will need:
Time to talk?
- Identification: A current driver’s license or passport. Many documents need to be notarized (your escrow officer will probably be a notary) and you will need to present identification.
- Lender Requirements: Make sure you have satisfied your lender’s requirements and provided all documentation necessary. Your agent, lender or escrow officer will provide this information.
- Fire and Hazard Insurance: Be sure to order your insurance early in the escrow process. You can provide the name and phone number of your agent to your escrow officer so that they can ensure the policy complies with your lender’s requirements. You must have insurance before the lender will fund your loan. Talk to your real estate agent for more information.
- Closing Funds: The quickest and safest way to ensure a timely close is to have your closing funds wired to the escrow company. Any other form of payment, including certified checks, money orders, or other types of checks may delay closing due to the amount of time those funds must be held after receipt. Talk to your agent or escrow officer for specific instructions on providing closing funds.
Some ways to take title in Arizona
When your sale closes you will get title to your property. How you take title to property has legal and tax implications. It is highly recommended you get legal or tax advice prior to taking title.
Only persons married to each other may own real property as community property. Each spouse holds an undivided one-half interest in his or her community property. Each spouse may will their share of the property to another party. Both spouse’s signatures are required to sell or encumber the property. Property acquired by a spouse during marriage is presumed to be community property except that acquired by gift, devise, or descent.
Community Property with Right of Survivorship
Only persons married to each other may own real property as community property with right of survivorship. One spouse is entitled to whole ownership of the property upon the death of the other. Selection of this type of ownership must be in writing to avoid the presumption of standard community property.
Joint Tenancy with Right of Survivorship
Two or more persons may hold title to real property as joint tenants with the right of survivorship. Upon the death of one of the owners, his/her interest is divided equally among the remaining joint tenants (outside of probate). Selection of this type of ownership by a married couple must be in writing to avoid the presumption of community property.
Tenants in Common
Two or more persons may hold title to real property as tenants in common. Each owner has a distinct and proportionate interest without the right of survivorship. Their undivided interest need not be equal but cannot exceed 100% of the ownership interest.