The Holly Meneou Team
Direct Line 928-910-2644
Understanding The Escrow Process

 

 

What is Escrow?  And, What Happens During Escrow?

An escrow is a process in which a Buyer(s) and Seller(s) deposit funds, documents, and written instructions with a neutral third party until certain conditions are fulfilled. 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.

The authority given to an escrow holder is strictly limited by instructions provided by the parties involved. Consequently, an escrow holder acts on mutual instructions deposited into escrow and DOES NOT represent any party. The escrow officer is authorized by instructions to allocate funds for items during the escrow period, such as real estate commissions, title insurance, liens, recording fees and other closing costs. Instructions also specify the method of collection funds, prorating issues, time limitations and all the terms of the transaction. The escrow process protects all parties involved by retaining money and documents until the mutual instructions are met.
During this escrow period, your escrow officer orders the title commitment. Upon receiving this request, an examination begins of all historical records pertaining to your property. Barring any unusual circumstances, The Title Company  issues a commitment for title insurance indicating a clear title or listing any items which must be cleared prior to closing.
Your escrow officer coordinates instructions and deadlines on your contract and ensures all the necessary paperwork is gathered. For example, written requests for demands (payoff information) are sent to the Seller's mortgage company and any other lien holders.
Your escrow is an ongoing process in which the Buyer, Seller, real estate agents, lender, title officer and escrow officer all participate. Working together, we'll reach our objective...closing your escrow as smoothly as possible and on time.

Do you have additional questions regarding the escrow process?  Please feel free to contact me with your questions.  I'm here to help!

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Realty Executives Northern Arizona
1401 Prescott Lakes Parkway • Prescott, AZ 86301
Direct Line 928-910-2644 •



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