Top Ten Questions Home Buyers have for Title Companies

March 24, 2017 By
  1. When can you tell me the amount of funds required to close escrow?

Upon receipt of your loan documents and preparation of your escrow instructions, Title will contact your real estate agent and/or you to let you know the amount of funds you will need to close escrow.

  1. Who will call me to schedule an appointment?

Normally, your real estate agent will call you,  although Title may call you in order to set up signing appointments.

  1. Can I give you a personal check?

No.  According to Arizona State Law, all funds must be in the form of a cashier’s check or via wire transfer.  Title will accept teller’s checks as long as they are drawn from an Arizona banking institution.  Please certify that your bank will issue a teller’s check.  Let them know that you are purchasing a home and the check is being issued to a title company.

  1. When do I get my keys?

At the close of escrow, your real estate agent will contact you regarding the disbursement of the keys. Usually, this is by noon on the day you close escrow.

  1. How much time should I allow for my signing appointment?

Please allow 45-60 minutes for your signing appointment.

  1. What will the escrow officer explain to me at my appointment?

Escrow instructions with terms of sale per your purchase contract, the estimated escrow statement, preliminary report, etc.  The escrow officer will explain any reports and inspections that may be required on the property.  Title will also provide you with a complete package of all documents you have signed so that you may take it home for further review.  Should you have any questions after reviewing your package, please do no hesitate to contact your escrow officer.

  1. What is a Statement of information?

Statements of information provide title companies with the information they need to distinguish the buyers and sellers of real property from others with similar names.  After identifying the true buyers and sellers, title companies may disregard the judgments, liens or other matters on the public records under similar names.

  1. When should I shop for homeowners/fire insurance?

We suggest that you start shopping for homeowners/fire insurance as soon as your offer is accepted (it is a good idea to call your current insurer first).  Know the age of your home when shopping for insurance.  Please have your agent contact your escrow officer when you have made your decision.

  1. What will I need to take to Title when I go in to sign my papers?

You will need to bring your cashier’s check payable to whichever title company you use (if the amount was given to you previously). Also bring one of the  following: Arizona driver’s license, Arizona ID card, valid passport or Military ID.

  1. When will I get my deed showing proof of ownership?

The day escrow closes is the day that the deed records with county and you become the owner of your home. It could take 6-10 weeks from that day for the county to mail you the original signed/recorded deed.

Posted in: Title and Escrow