An escrow is a neutral, independent account created to process a transaction such as a sale or loan. It protects the interests of all parties involved and favors neither the buyer nor seller. An escrow is created after the Purchase Conract is executed and becomes the depository for all monies, instructions and documents pertaining to the transaction.
HOW DOES THE PROCESS WORK?
The escrow officer follows instructions based on the written terms of your Purchase Contract and the lender’s requirements for closing. The escrow officer secures the satisfaction of all requirements of the title commitment. Escrow cnnot be completed until all terms and conditions have been met.
OPENING AN ESCROW
Either real estate agent may open escrow as soon as the Pruchase Contract is executed by placing the initial deposit (earnest money) in an escrow account at the Title Company.
INFORMATION YOU NEED TO PROVIDE
You will be asked to complete a Statement of Identity for the Title Company. This is a confidential tool used to correctly identify all parties involved in the transaction.
TITLE COMPANIES AND ESCROW OFFICERS
Title companies in Arizona offer escrow services. An escrow officer is employed by the title company to handle the escrow transaction. The duties of the escrow officer are as follows…
-Accept executed contract and issue earnest moeny receipt
-Request a commitment for title insurance(shows requirements for issuance of a title policy).
-Order payoff/assumption statements from existing lender(s)
-Prorate taxes and insurance upon instructions from the seller and buyer.
-Accept hazard insurance policy, inspection reports, and relevant bills.
-Compute settlement figures.
-Assist the buyer and seller when signing documents.
-Record the appropriate documents with the county recorder
-Disburse final documents and money on the basis of mutual instructions.
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