First Time Home Buyer: What should I bring for a closing as Buyer?
The closing is the final in the process of buying a house in Arizona. It is the day that you complete a real estate transaction and the transfer of money and keys takes place. At the end of the closing, you’ll officially own a new home. Read what to expect and what should you bring for closing.
What to Expect at Closing
Most closings involve two steps: the closing on the purchase of real estate and the closing on the mortgage loan used to buy that real estate. To complete these two steps, deeds, mortgages and other required documents will be signed and delivered. The closing will be handled by an escrow officer who acts as the neutral third party that holds the legal documents and funds for the buyer, seller and lender. The agent will distribute all necessary documents and funds according to lender instructions and ensure that both the seller and the buyer meet their contract responsibilities.
What Should I Bring for a Closing?
Your escrow officer need to notarizes the documents you sign, especially mortgage related documents. To meet Arizona notary requirements, there are some specific identification you need to bring and prove during signing.
Arizona Notary Public requirements for the purchase of real sstate are specific and the forms of identification which are acceptable are very specific. The client’s identification must have the following characteristics:
- Valid/unexpired
- Issued by the US Government – establishing legal presence in the US
- Includes a picture and described physical features
- Where there is a loan the lender requires 2 Forms of ID be shown at closing
Two forms of Identification
For purposes of real estate conveyance and financing, a notary may accept the following forms of ID:
- A valid unexpired government-issued and include a photo, such as your driver’s license or passport
- The other must have your name printed on it, such as a Social Security card, credit/debit card, insurance card, wholesale membership card, library card
For resident alien, you must include other documentation that is necessary to establish an individual’s legal presence in the United States.
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Certified Funds
Certified Funds (cashier’s check) for down payment and closing cost made payable to the closing company. A wire fund directly to the closing company’s escrow account is also acceptable.
How long will closing take?
Most closings take about one hour, but this can vary. Closing on a home is a life-changing event — at the end you will be a new homeowner. This is not something that should be rushed through over your lunch break. Plan ahead and make sure you have ample time to dedicate to this meeting in the event that it doesn’t go as planned and needs to run longer.
Swee Ng, Realtor and Phoenix East Valley resident specializing in win-win real estate transaction through great communication and fighting for his clients’ best interest. After all, this is more than real estates, this is about your life and your dreams.
If you are looking to buy or sell your home in Phoenix AZ area, we hope you will consider us. Contact us today for complimentary consultation.
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