Phoenix is nothing but laid back. It’s something you get used to in time. This isn’t really the reason behind the way home sales are closed here in the Valley but it certainly does fit in.
In some parts of the country there’s something called a closing table where buyers and sellers gather with agents, attorneys and apparently a partridge in a pear tree to hammer out the final signatures needed to make everything official.
That doesn’t happen here in Arizona. Sellers usually sign a few days before the close of escrow. Buyers, if financing their purchase, sign their loan docs three days before the close of escrow and if paying cash can sign, well, whenever.
It’s not uncommon for buyer and seller never to meet face-to-face, which admittedly has both its advantages and its drawbacks. But it does make for a somewhat simpler process in that not nearly the level of coordination is needed for separate signings.
Both buyer and seller usually report to the escrow company to sign in front of a notary, though sometimes a mobile notary will go to one party of the other. The escrow company then coordinates everything with the lender, if a lender is involved, makes sure all the i’s are crossed and the t’s dotted and sends the signed deed to the county for recordation.
One side effect of this system is buyers never know for certain when they’ll receive their key. The keys can be turned over once the deed has been recorded but what time that takes place on a given day often is at the mercy of lenders, wires and the county.
If all of the funds have arrived at title the day before and nothing’s left to do, recordation can happen first thing in the morning. Just as often, if not more often, it carries into the late afternoon before everything comes together.
Still, given some of the fun stories I’ve heard about the closing table menagerie, I’ll take the laid-back Phoenix system any day.
[tags]Phoenix real estate[/tags]