How Escrow is Closed

Once your lender is finished approving you for a loan, the lender will send all the loan documents to the escrow company and the escrow officer will add your loan documents to all the other documents you’ll need to sign. You’ll be able to sign all the documents at one time.

If you are in Canada or the UK, the escrow officer will overnight the documents to you for your signatures with a prepaid envelope back to the escrow company included. Some of your signatures will need to be notarized.

If you are in Arizona, you can do the signing at the office of the escrow company.

The escrow company will send the signed loan documents back to your lender.

Escrow Account Deposits

Earnest Money – The escrow company already has your earnest money and has ever since escrow was opened.

Down Payment – You will order your bank in Canada to wire your down payment to the Arizona escrow company on the day before or the morning of closing.

Loan – Your lender will wire the money you are borrowing to the escrow company the day before or the morning of closing.

Recordation

On the closing date given in the purchase contract, and when all of your purchase money is in the escrow account, the escrow officer will create a new deed with you as the owner, and send the deed electronically to the Maricopa County Recorder’s office.

When the new deed is recorded at the county, escrow is closed and you are the new owner.

Congratulations!

Next: Frequently Asked Questions

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