Ok so, I have bought houses in several states and years ago in AZ as well and I don't remember this happening. Normally when I have gone to closing we do a walk thru, go to the closing table and sign, wire money or deliver a check, and immediately get keys and take possession. We are purchasing a property in AZ and we are told we close and the loan funds a few days later and then we get keys, is that right??
I was planning to go out for close and find this out. It is a personal purchase and the title company is handling but I don't remember this before and it is very inconvenient. What are they waiting for? Would this be usual for AZ?
I dunno about Arizona but in Colorado the this is not normal. It sounds to me like your loan people dropped the ball. Normally the loan is funded before or at the time of closing. In Colorado I have expieranced the tittle company delaying closing until the loan was funded. If you think it a pain for you what about the seller who is waiting for his money?? I think the tittle company also messed up by closing with no money to disperse. What happens if the lender backs out? How do you un-sell a house?? Just my .02 worth. RR
it is not an Arizona thing, it is a lender issue. It most likely the lender wanting to review docs then fund. Talk to you MLO.
It's not usual but it happens.
Basically the title company won't record til the funds are received. Once all the money is at title, then title will record and once it records you will get keys. I won't want to hand over the keys to a house I'm selling unless it has recorded otherwise if you get hurt while I still legally owned the property....
Thanks, I think I won't use a lender like this again. Had to just let go of the idea of possession on closing. Tried to speed it up but not able to. I have bought in a number of other states and never had this happen so I thought it was AZ. In the day of electronic transactions seems to me transferring on the same day should not be an issue. And they have had lots of time already to review documents.
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