ESCROW AND TITLE : THE ESCROW PROCESS

An escrow is a process wherein the buyer and seller deposit written instructions and funds with a neutral third party until certain conditions are fulfilled. In a real estate transaction, the buyer does not pay the seller directly for the property. The buyer gives the funds to an escrow company who, acting as an intermediary, verifies that title to the property is clear and all written instructions in the contract have been met. Then the company transfers the ownership of the property to the buyer through recordation and pays the seller. This process protects all parties involved.

The state of Arizona licenses and regulate all escrow companies. The Insurance Commissioner and the State Banking Department can inspect a company's records at any time, providing further oversight of the company's management and position as an impartial third party to the transaction.

In Arizona, escrow services are generally provided by a title insurance company instead of an attorney. The stability, reliability and performance of your title and escrow company are vital to protect the interests of all parties to the transaction.

Escrow is opened once you have signed the purchase contract and the seller has accepted the offer. As your real estate agent, we will open escrow with the fully-executed purchase contract and the earnest money deposit check. As a neutral party to the transaction, the title company can respond only to those written instructions agreed to mutually by all "interested" parties (buyer and seller). The title company cannot otherwise alter the contract or create instructions and that protects all interested parties.

The Katz Group's escrow partner, Lawyers Title, conducts escrows for thousands of Realtors® throughout the Valley including over 100 members of Realty Executives' Premier Marketing Group, bringing each client a level of guidance, knowledge and professionalism unrivaled in the industry.

For more information on the escrow process, here is a link to Lawyers Title's website.

http://www.az.ltic.com
 
For the very best service, ask for Senior Vice President, Christine Champion.
The Katz Group
• 602-920-9899 • 6018 E. Campo Bello Drive • Scottsdale • AZ • 85254

Arizona Luxury Real Estate

© Copyright 2018 The Katz Group. All Rights Reserved
Site developed by JDE LTD @ www.JDELTD.com