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What is
Escrow?
The escrow is
created after you sign the contract to purchase your new home.
The escrow
holder is an independent and impartial “clearing house”. As a neutral
third party, both buyer and seller are assured that the mutual interest of
all parties to the transaction are fulfilled.
Convenience
Using the escrow holder as a common depository, the buyer and
seller can proceed simultaneously in providing funds, deeds, inspection
reports, insurance information, and other required documents. Both parties
give written instructions, the requirements of which must be met before
the transaction is completed, to an experienced escrow officer. Lenders
also specify their conditions for completing the loan process. Provided
that the instructions are clear and mutually consistent, the escrow
officer saves time in the closing process.
What is
Escrow?
The escrow is
created after you sign the contract to purchase your new home.
The escrow
holder is an independent and impartial “clearing house”. As a neutral
third party, both buyer and seller are assured that the mutual interest of
all parties to the transaction are fulfilled.
Convenience
Using the escrow holder as a common depository, the buyer and
seller can proceed simultaneously in providing funds, deeds, inspection
reports, insurance information, and other required documents. Both parties
give written instructions, the requirements of which must be met before
the transaction is completed, to an experienced escrow officer. Lenders
also specify their conditions for completing the loan process. Provided
that the instructions are clear and mutually consistent, the escrow
officer saves time in the closing process.
How does
the escrow proceed?
The authority given to the escrow holder is strictly limited by
instructions provided by the buyer and seller. The escrow officer is
authorized by instructions to allocate funds for items during the escrow
period, such as real estate commissions, title insurances, liens,
recording fees, and other closing costs. Instructions also specify the
method of collecting funds, insurance and taxes and time
limitations on settling the transaction. By holding all money and
documents, the escrow process assures buyers and sellers that their mutual
instructions will be met.
Confidentiality
is another import aspect of escrow. To effectively handle a transaction,
your escrow officer must be instructed as to the required terms necessary
to close. The officer will discuss escrow matters only with the parties
directly involved, specifically the buyer, seller, lender and real estate
agent. No one else has access to this information, except through proper
legal procedures. The escrow officer retains impartiality and
confidentiality concerning the real estate process.
Closing Escrow
Once all conditions are met, the escrow holder causes the
necessary documents to be recorded and disburses funds according to the
instructions given to the escrow officer. Escrow fees are included in
these cots, and are based on the sales price of the property, the loan
amount, and services required. Executed loan documents are forwarded to
the lender.
As the Buyer,
what do I provide the escrow? *
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Deposit
funds to pay the purchase price, and funds for property and closing
costs.
-
Provide
deed of trust or mortgages needed to secure the loan.
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Arrange
for borrowed funds to be deposited into escrow.
-
Provided,
if required, documents such as inspection reports, insurance polices,
and lien information to verity compliance with the instructions.
*
These are all items that your S.C.I. Sabre Construction and Wing Realty
team will assist you with.
What
is Escrow? | The Loan Process | Title
Insurance
Your “Closing” Appointment | Helpful
Reminders
Taking Title in Arizona
Fidelity National
Title has furnished this information.
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Have
questions about building your new home, commercial project, property management,
or real estate? You can always contact us at 1-877-459-3892 if outside Arizona,
480-964-1946 within Arizona, or just email us by clicking
here!
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