Welcome back to The West Valley Home Team Buyer Empowerment University! We have reached the last step in the home buying process, Closing on Your New Home. We hope you can use the information in The West Valley Home Team Buyer Empowerment University to make your buying process easier!

Step 5: Closing

Closing on Your New Home!

What are the steps necessary to make it to the closing table once you have an accepted contract from a seller? For a traditional sale in Arizona here are the basic steps:

  • Deposit earnest money with title company.
  • Complete a home inspection (paid for in advance) and review SPDS and CLUE- You typically have a 10 day inspection period.
  • Negotiate any repairs found during the inspection if applicable. The buyer can cancel the contract within the 10 day inspection period due to information found in home inspection, SPDS or CLUE.
  • If using financing, your lender will order and complete an appraisal (paid for in advance).
  • If the property does not appraise for the sales price, then you can either negotiate with the seller, come up with the difference in cash or cancel the contract.
  • Your lender will continue the financing process once the appraisal has been completed.
  • Schedule a time with the title company to sign the closing documents. Closing costs and downpayment monies will be due at closing.
  • Schedule the utilities to be turn on.
  • Attend the final walk thru of the property assuring it is in the same condition as it was at time of inspection.
  • Attend the closing, sign the necessary documents and provide your cash to close.
  • Your lender will “fund” the seller by sending over the money from your loan to the title company.
  • Once the house records with the county you get the keys!

Again, we hope you found The West Valley Home Team Buyer Empowerment University helpful. If you have any additional questions about the home buying process don’t hesitate to ask!

 In case you missed any posts here's The West Valley Home Team Buyer Empowerment University blog series about the 5 Steps of Buying a Home: