Number 8 - Escrow Closings
While in many states, all parties and their lawyers come together at a closing table to work out final details, sign documents, and transfer keys, this isn’t the case in Tucson and in Arizona at large.
Arizona is an escrow state. We take all of the house sale documents, all of the money, and give it to an escrow officer, who coordinates the actual transfer of ownership, the settlement statements, the transfer of money, and the signing, among other things.
Remember that escrow is just a neutral third party, paid by both Buyer and Seller to help coordinate the sale and to be a unbiased storage place for the money involved in the sale.
When you buy a home in Tucson, your purchase agreement usually states that you will sign all of the required documents 3 days prior to the closing date. That means the closing date is not when you sign; it’s when everything records downtown, that’s the actual close of escrow, the date of the transfer of ownership.
Signing usually occurs on a different day than closing. Signing is just, well, signing. No transfer of ownership happens on that day. In fact, you’re not going to meet the other party over a table at the end, you don’t need a lawyer, you just go to the escrow officer, who has all the documents for you to sign. It’s just you, the escrow officer, and usually your agent will come along too. Most likely, you’ll be bringing in a certified check for the remainder of your down payment and closing costs at the time of your signing.
Some people seem a little disappointed that they won’t get to meet the other party, but that’s customary in Tucson. You may never meet the person who is buying your home (or selling the home you’re buying).
We’re also one of those states where you don’t need a lawyer to buy or sell real estate. While you are always welcome to hire one to review the various agreements, and are encouraged to do so if you have concerns, the vast majority of homes in Tucson are bought and sold without lawyers.
Summary of the Top Ten Things to Know about Tucson Real Estate so Far:
- Number 1 - A/C and Evaporative (Swamp) Coolers
- Number 2 -The Tucson Military Airport Vicinity
- Number 3 - Termites Love Tucson Homes
- Number 4 - Who does my Tucson Agent represent?
- Number 5 - Flat Roofs: Types and Maintenance
- Number 6 - Basements, Radiators, and other Non-sequiturs
- Number 7 - Tucson Area Fire Districts
