The escrow company is a neutral third-party that holds funds until all contract conditions are met. They oversee the real estate process from initial deposit through final funding. Escrow protects all parties involved by making sure that no funds or properties change hands until all conditions in the agreement have been met.
The Buyer typically selects the escrow company by indicating their choice in the written offer. However the Seller can request a different escrow company through a counter offer. This is one of many elements in the offer that must be agreed upon before the offer becomes a contract.
The escrow company also delivers information regarding title insurance, conditions, covenants and restrictions (CC&Rs), deed restrictions, property liens, and easements.
In Arizona, closing documents are typicaly signed several days prior to closing. Buyers and sellers also have separate signing appointments. We find that buyers are often surprised by this process. So what happens after both parties sign? The escrow company looks for any last minute liens on the property. If the buyer is funding the purchase with a loan, it usually takes 1-2 days for the lender to fund the loan. Once all documents are signed and reviewed, all funds have been transferred, and the deed has been recorded with the county, ownership passes from seller to buyer, and the buyer receives the keys to the property.
Real estate transactions are handled differently across the country. Your HomeSmart Pro will guide you through the process to keep it running smoothly. Ask questions at any time. Remember, buying a home should be fun. We want you to feel comfortable along the way.