Arizona is an “Escrow State.” In Arizona, buyers and sellers do not meet in person to finalize the transaction. Instead, each party works with an escrow officer, and documents are signed ahead of the closing date. Buyers can even sign remotely. Once the funds are cleared and the sale is recorded with the county, the transaction is complete, and you’ll receive the keys to your new home.
In many states, “the closing” refers to a single meeting where the buyer, seller, and other parties meet at a table to sign documents, exchange money, and transfer the property title and keys. However, in Arizona, the process is handled through escrow, which means all documents are signed and funds are submitted in advance.
In an escrow closing, both the buyer and seller meet separately with the escrow officer (remote signing can be arranged if the buyer or seller is out of state or otherwise unable to attend in person). All documents are signed and funds (either via cashier’s check or wire transfer) are submitted to the escrow account before the actual Close of Escrow. The official transfer of ownership occurs once the funds clear and the sale is recorded with the appropriate county, such as Maricopa County. Buyer will receive their keys to the new property from their Realtor once the documents have been recorded.
If you have any questions or concerns, please contact us.