Escrow Process

Escrow Process Overview

 From Accepted Purchase Offer To Closing Escrow

escrow processThe escrow process starts when the seller and the buyer agree to the buyers offer. “Agree” means both buyer and seller have signed all documents.

Once done, the buyers Realtor will deliver the buyers “earnest money” to the escrow company. The earnest money check and the executed contract trigger opening the escrow account.

An escrow account used to receive and disperse all monies for the transaction.

The terms of the executed contract guide the escrow company through the process.

The Arizona Offer To Purchase identifies what each party to the contract must do and by when.

Home Inspections

In Arizona a home inspection is a standard event in the purchase process. The buyer will need to schedule an inspector, have the inspection completed and report prepared within 10 calendar days after contract acceptance.

Lenders require the buyer and the property meet various conditions before granting a loan. They will want to receive a preliminary title policy, title insurance to protect the lender against title errors, termite inspections and an appraisal to assure that the home has sufficient value to secure the loan

The buyers Realtor will  typically arranges required inspections. The sellers Realtor will normally be on-site during the inspection.

How long does it take to close the escrow process?

Here again the Arizona purchase contract requires a close of escrow date be specified. It can be change should circumstances require it. However, both parties must agree to any change in writhing.

Today’s mortgage process will typically take 5 to 7 weeks. Accordingly, the seller should have ample time to be packed and ready to move on or before the close of escrow date.

What happens?

Closing or “closing escrow” as it is known in Arizona is the submission of all transaction documents to the responsible county office. In almost all cases this is done electronically by the escrow company.

Both the buyer and seller will meet with the escrow officer to execute the documents required to transfer the home to the buyer along with all mortgage loan documents. Upon execution the loan documents are sent to the lender for review. When all documents are complete the lender will fund the loan at the escrow company.

The escrow closing officer will review the sale agreement and determine what payments and credits the owner should receive and what amounts are due from the buyer. The closing agent also assures that certain transaction costs are paid (taxes and title searches).

When everything is complete, the sale is recorded at the Pima County Recorders Office. This is actually done electronically.

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Conclusion

Needless to say, the process outlined above is a summary of the key events and steps in the escrow process. Our job as your Realtor – either buyer or seller – is to work with you in the process.

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Our website provides information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541. We are ready to answer your questions and help you get the information you are looking for.

We are a top Realtor duo in Tucson, AZ since 2002. Read our client testimonials. Give us a call. We look forward to making your home buying or selling experience enjoyable YOU!

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