Our responsibility, as an escrow company, is to act as a neutral third party, holding all documents and monies as required by the purchase contract and guaranteeing no funds or property will change hands until all of the terms and conditions in the contract have been met.
STEPS AN ESCROW AGENT MAY PERFORM:
- Arrange for title insurance protection for the Buyer and lender
- Order payoff information on existing liens, calculate and prorate taxes, liens, interest, rents, and insurance policies
- Pay costs and liens as agreed upon by the parties to the transaction
- Arrange for recording of the conveyancing documents and any other legal instruments necessary to transfer title to the property in accordance with the purchase agreement
- Prepare a closing statement for the parties to the transaction, showing disposition of funds in the transaction
- Close the transaction after all instructions from Buyer and Seller have been satisfied
CLOSE OF ESCROW:
ESCROW IS CLOSED in AZ, when the necessary documents are recorded with the County Recorder.
Upon notification by the County Recorder that the documents have been recorded, all funds are disbursed and final closing packages are provided to all of the parties.
Before we can explain title insurance, what even is Title? The title gives the holder the right to possess, occupy, use, control, enjoy, and dispose of the land. In other words, the title conveys the rights of ownership to the property. Title insurance protects from possible issues or defects in the title. For example, forgeries or unknown heirs.