The Complete Real Estate Transaction Timeline
Buyers who understand the transaction timeline are calmer, better prepared, and less likely to miss a deadline that costs them their earnest money. This is the sequence I walk every buyer through before we write our first offer.
Offer Accepted Through Inspection Period
Day one starts when both parties have signed the purchase contract. The buyer delivers earnest money to escrow, typically within one to three business days as specified in the contract. Escrow opens and the title company begins the title search.
The inspection period (Due Diligence period) begins on day one and runs for the number of days specified in the contract -- commonly 10 days in Arizona. During this window, you schedule and complete all inspections, review HOA documents if applicable, and submit a BINSR if you are requesting repairs or have concerns that might lead to cancellation.
BINSR Response and Moving Toward Financing
After you submit a BINSR, the seller has a specified number of days to respond -- agreeing to items, declining, or counter-proposing. Once inspection negotiations are resolved and you are proceeding, the lender moves forward with processing your loan.
Your lender will order the appraisal around this time. The appraiser inspects the property and provides a value opinion, typically within one to two weeks of being ordered. Underwriting reviews your file in parallel with the appraisal.
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Appraisal, Underwriting, and Clear to Close
If the appraisal comes in at or above the purchase price, it clears that hurdle. If it comes in low, you and the seller need to negotiate -- either the seller reduces the price, you make up the difference in cash, or you exercise the appraisal contingency and exit.
Underwriting may issue conditions -- additional documents required before approval is finalized. Respond to underwriting conditions immediately. Delays here push the closing date. When all conditions are met, the lender issues a Clear to Close (CTC), which is the green light to schedule final signing.
Final Walkthrough, Signing, Recording, and Keys
The final walkthrough happens shortly before closing, typically 24 hours prior. You are verifying that the home's condition is unchanged from when you agreed to buy it and that agreed-upon repairs were completed. This is not a second inspection -- it is a verification.
Signing happens at the title company (or remotely via mobile notary). Buyers typically sign one to two days before the seller on a purchase transaction in Arizona, with lender funding and deed recording happening on the agreed closing date. Keys exchange after the deed records with the county -- not when you sign.
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Written by
Jon Hegreness
REALTOR / Associate Broker, Howe Realty. AZ License BR540940000. 24 years in Phoenix Valley residential real estate.
I am a full-time Valley associate broker, not a call center. If anything here raised a question about your own move, ask me and you get a straight answer from the person who wrote this, every time.
Common questions
- How long does it take to close on a house in Arizona?
- Typically 30 to 45 days from accepted offer to closing for a standard financed transaction. Cash purchases can close faster, sometimes in two weeks. Complex situations (short sale, probate, or extensive financing conditions) can take longer.
- What happens if the appraisal comes in below the purchase price?
- You have options: negotiate the price down with the seller, pay the difference in cash, or exercise the appraisal contingency and cancel the contract with earnest money returned. What makes sense depends on your financial position and how much you want the home.
- When do I get the keys to my new home?
- After the deed records with the county, which happens on the closing date after the lender funds. Signing papers at the title company is not the same as closing. Keys are released after recording, typically later in the day of your closing date.
- What can delay a closing in Arizona?
- The most common delays: slow response to lender underwriting conditions, appraisal taking longer than expected, BINSR negotiations running long, title issues discovered during the search, and last-minute changes to the buyer's financial profile. Communicate proactively with your lender and agent to prevent preventable delays.
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