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Arizona Homes and Real Estate for Phoenix, Mesa, Chandler, Gilbert, Scottsdale and Other Arizona Communities like Las Sendas, Red Mountain and Northeast Mesa. Back to Home Page |
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The Escrow Process The Escrow Process can be defined as the vehicle by which the title transfer process is closed. In Arizona Real Estate transactions, this process typically uses a neutral third party, such as a Title Company. The Title company will hold documents and transaction funds while carrying out the instructions of the Buyer and Seller that have been agreed to within a valid purchase contract.
The first step in the process is the existence of a valid purchase agreement or contract between the Buyer and Seller. The following is a brief overview of some of the tasks that may be performed by the parties involved in the escrow process:
The Seller Addresses and helps clear any "clouds" on the preliminary Title Report Provides information for payoff amounts Submits for deposit in escrow receipts for performed repairs Reviews and signs closing documents
The Buyer Reviews the preliminary Title Report Secures and completes financing with the Lender Provides Lender's insurance Signs closing documents Deposits earnest and other closing costs funds Decides in what form Title will be taken Receives title insurance policy
The Lender Reviews the preliminary Title Report Approves the Buyer for financing Discloses transaction closing costs Issues loan commitment and lender's escrow instructions Prepares loan documents Reviews executed loan documents Receives Lender's Title Insurance Policy
The Escrow Officer Reviews preliminary Title Report Provides copies of Title Report to all parties involved Works with Seller to clear "clouds" on title such as liens and other encumbrances Prepares Seller's and Buyer's Escrow instructions Deposits Buyer's earnest and closing funds for Escrow Reviews and complies with Lender's Escrow Instructions Expedites new loan funding with Lender Prepares any special Escrow instructions Prepares documents for public recordation Distributes monies and documents to appropriate parties Prepares settlement statement for Buyer and Seller
Specific information regarding title issues and the escrow process can be answered by a qualified Title Company Escrow Officer and or legal counsel. Call Direct 7-Days a Week 480.220.0339 info@PhoenixHomeChoice.com
EXIT REALTY EAST VALLEY
Information provided on this site is considered reliable but is not guaranteed. Placement on this page does not constitute an endorsement or recommendation. Copyright 2004 PhoenixHomeChoice.com© All Rights Reserved.
EXIT REALTY EAST VALLEY 965 South Val Vista Drive, Suite 101 Gilbert, AZ 85296 480.220.0339 Mobile 480.812.1900 Office 480.812.3566 Fax (Each office independently owned and Operated)
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