Page 12 - Homeowners Manual - Arizona

STEPS OF THE CLOSING PROCESS - FROM CONTRACT TO KEYS

CONTRACT

MORTGAGE OLD REPUBLIC
COMPANY TITLE

The loan application Old Republic Title
process begins� receives a contract�

The property’s appraisal Title work begins�
value and the buyer’s credit Tax information is ordered
history, employment status and the transaction team
and sufficient funds to close begins a file�
are verified�
An examiner reviews An abstractor
A loan application Information is gathered and title work� begins a title search�
includes: verification packaged for underwriting�
of the buyer’s income A commitment to issue
stability, credit, debts The buyer is submitted for title insurance is
and confirmation of loan approval� forwarded to all parties�
the property’s value�
A title search
The escrow officer includes: history of
The mortgage company and assistant work on property, owners of
sends closing instructions pre-closing issues� record and liens of
and final loan closing costs record on title�
to Old Republic Title�
Legal and final documents
are received, and all parties
are advised of a closing time
at Old Republic Title�

Closing and funding occur�
Legal documents are
recorded, and title insurance
policies are issued�

GET THE KEYS�

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