Buying or selling in Gilbert and feeling unsure what actually happens once your offer is accepted? You are not alone. Escrow can feel like a black box if you are new to Arizona or closing your first home in the East Valley. In this guide, you will see who does what, how the timeline flows, and what to watch so you close on time without surprises. Let’s dive in.
Escrow basics in Arizona
Escrow is a neutral process where a third party holds funds and documents until both sides meet the contract terms. When everything is complete, escrow coordinates recording and disburses money. In Arizona, the same company often handles both escrow and title, but each has a different job.
Here is who is involved and what they do:
- You and the other party: sign the contract, meet deadlines, and provide funds or payoffs.
- Your agents: coordinate timelines, inspections, and notices so the contract stays on track.
- Escrow officer: opens escrow, holds the earnest money, tracks dates, coordinates your signing, and sends funds at closing.
- Title officer: issues the title commitment, lists liens or exceptions, and issues title insurance at close.
- Lender: orders the appraisal, underwrites the loan, sends the Closing Disclosure, and wires loan funds.
- Maricopa County Recorder: records the deed and, if applicable, the mortgage. Recording makes the sale official.
Most Gilbert closings use a local Arizona-licensed title and escrow company. Recording timelines and county fees follow Maricopa County rules.
Step-by-step timeline in Gilbert
Exact dates come from your purchase contract and any addenda. Below are common patterns so you know what to expect.
30-day close example
- Day 0: Offer accepted, escrow opens, you receive an escrow number.
- Days 0 to 3: You deposit earnest money. Escrow confirms receipt.
- Days 1 to 7: You schedule inspections such as general, termite, pool, roof, or HVAC as needed.
- Days 7 to 10: Inspection period ends per contract terms. Repairs or credits are negotiated and signed.
- Days 7 to 14: Title commitment is issued. If the home is in an HOA, the resale package is ordered.
- Days 7 to 21: Lender orders the appraisal and processes your file.
- Days 21 to 27: Loan clears underwriting if conditions are satisfied.
- Days 27 to 30: Final walk-through, signing, and you wire closing funds per escrow’s instructions.
- Day 30: Escrow closes, deed records with Maricopa County, keys release per contract.
45-day close option
- You follow the same milestones with more time for financing or the sale of your current home.
- Inspection periods often remain about 7 to 10 days.
- Appraisal and underwriting get extra cushion, and any sale contingency timelines are added.
Important federal timing note: when you have a mortgage, your lender must provide the Closing Disclosure at least 3 business days before closing. This affects when you can sign and fund.
Key money and documents
Earnest money deposit
Your earnest money shows good faith and is held by escrow. In Gilbert and the East Valley, buyers commonly deposit a few thousand dollars up to about 1 to 3 percent of the price, depending on the home and the market. The contract sets the amount, the deadline, and who holds the funds. If the deal closes, your earnest money is applied to your purchase. If the deal cancels, release depends on your contingencies and signed instructions.
Title commitment and title insurance
The title commitment lists recorded items like liens, easements, and any requirements to clear title. Any open liens or ownership issues must be resolved before closing. If you have a loan, a lender’s title policy is required. Buyers are typically advised to purchase an owner’s title policy at closing to protect their equity against unknown title defects.
Inspections and repairs
Common inspections include general home, termite, roof, pool, HVAC, and sometimes a sewer scope or specialty checks for older systems. The inspection window is commonly 7 to 10 days in practice, so book quickly after acceptance. Repair requests are negotiated. You can ask for seller repairs, a credit, or accept the home as is.
Appraisal and loan approval
Your lender orders the appraisal. If the appraisal comes in below the contract price, the parties decide how to bridge the gap. Options include a price adjustment, you bringing extra cash, or lender adjustments if allowed by guidelines. The contract includes financing timelines, so send your lender documents promptly.
HOA documents and resale packets
Many Gilbert homes are in HOAs. The HOA package usually includes CC&Rs, bylaws, dues, and financials. There are often preparation or transfer fees. Delivery timelines are set by contract or statute. Late delivery can affect your rights, so keep an eye on this item.
Closing Disclosure and settlement statements
You receive the Closing Disclosure at least 3 business days before closing when you finance. Escrow issues a settlement statement that shows final credits, prorations, fees, and your bottom line. Review both and ask questions early.
Recording and keys
After escrow has all funds, the deed and mortgage are recorded with the Maricopa County Recorder. Recording makes the change of ownership official. Keys are released per the contract, usually at or after recording.
Gilbert and East Valley factors
Competitive offers and risk
Gilbert has been competitive at times. To stand out, some buyers shorten contingency windows, increase earnest money, or offer appraisal gap coverage. These tactics can help your offer but also reduce your safety net. Know the risks before you commit.
HOA prevalence
HOAs are common in master-planned and newer Gilbert neighborhoods. Expect to review rules, dues, and any community guidelines as part of due diligence. Some lenders will ask for certain HOA documents during underwriting.
Utilities and permitting
Most homes in Gilbert use Town of Gilbert water and sewer. Confirm service providers, meter status, and any outstanding balances. If you are considering a home with a septic system, a well, or other nonstandard utilities, verify details early in the process.
Floodplain awareness
Parts of Maricopa County fall in flood zones. Check flood maps and title exceptions. If your home is in a required zone, your lender may require flood insurance.
Taxes, fees, and prorations
Arizona property taxes are paid in arrears. Escrow prorates taxes on your settlement statement based on the last bill. Recording and related county fees show on your statement as well. Arizona does not have a uniform state real estate transfer tax. County and local recording costs vary.
Typical timeframes
Cash deals can close in a few days up to about two weeks if title is clear and the seller is ready. Financed purchases commonly close in 30 to 45 days. Faster lender programs exist but require quick document turnarounds.
Your escrow checklist
Buyer checklist
- Deposit earnest money by the deadline and keep the escrow receipt.
- Schedule inspections immediately and budget for follow-ups if needed.
- Send your lender requested documents quickly to keep underwriting on track.
- Review the title commitment and ask about any exceptions you do not understand.
- Order homeowners insurance and send the binder to your lender and escrow.
- Confirm final figures and verify wire instructions directly with escrow before sending funds.
- Schedule the final walk-through just before closing.
- Bring photo ID and any notarized documents to your signing appointment.
Seller checklist
- Provide disclosures and HOA documents promptly.
- Work with escrow to clear any liens and confirm mortgage payoffs.
- Complete agreed repairs or arrange credits per the contract.
- Leave keys, remotes, and manuals as agreed.
- Give escrow your forwarding address for tax and proration items.
At and after closing
- Expect recording confirmation from escrow when the deed is recorded.
- Transfer utilities and HOA accounts to the new owner where required.
- Store your closing package and owner’s title policy in a safe place.
Common problems and fixes
- Earnest money deposited late: contact your agent and escrow right away to follow contract guidance.
- Title issues or old liens: seller and escrow work to clear the items, which may delay closing.
- Appraisal below price: renegotiate price or credits, bring extra cash, or use a contingency to cancel if allowed.
- Last-minute lender conditions: stay close to your lender and respond fast so you do not miss the 3 business day Closing Disclosure timeline.
- HOA delays or unpaid assessments: expect transfer or preparation fees on your statement and allow time for HOA processing.
Ready to move forward?
You deserve a clear, calm path from offer to keys. If you want a local advisor who can navigate escrow details and also help your home look its best, connect with Jessica Pasquale for a concierge plan tailored to Gilbert and the East Valley.
FAQs
What is escrow in Arizona real estate?
- Escrow is a neutral process where a third party holds funds and documents until both sides meet the contract terms, then coordinates recording and disburses money.
How long does escrow take in Gilbert with financing?
- Most financed purchases close in about 30 to 45 days, depending on lender timelines, appraisal, and title clearance.
When do you get your keys in Maricopa County?
- Keys are usually released at or after recording with the Maricopa County Recorder, as directed by your contract.
How much earnest money do buyers typically deposit?
- Amounts vary by price and market, often a few thousand dollars up to about 1 to 3 percent of the purchase price in the East Valley.
What if the appraisal comes in low during escrow?
- The buyer and seller can adjust the price, the buyer can bring extra cash, or financing terms may change; if not resolved, a financing or appraisal contingency may allow cancellation.
What is the 3 business day Closing Disclosure rule?
- When you have a loan, your lender must give you the Closing Disclosure at least 3 business days before closing, which affects when you can sign and fund.
Are HOA fees part of closing costs in Gilbert?
- Many HOA communities charge preparation or transfer fees, and those appear on the settlement statements for the buyer and seller as applicable.
