Are you wondering if you may need a lawyer to handle the purchase of a home here in Arizona?
So many of the Buyers we work with come from a region of the U.S. or Canada where they have to engage a Lawyer when purchasing property. This is not the case in Arizona, unless the Buyer wishes to do so.
Typically most transactions are done without the cost of lawyers, instead the Title Companyacts as the neutral mediator for both parties.
“ESCROW” is the name given to the actual process of coordinating a home purchase. Escrow is OPENED with a licensed Title Company when the Buyers Agent delivers a fully executed Real Estate Purchase Contract, where the two parties have agreed upon price, closing date and other terms.
Along with the Purchase Contract, an Earnest Deposit check from the Buyer is needed to officially open escrow. The Earnest Deposit check amount is part of the down payment on the home, and is deducted from the total down payment amount at the Close of Escrow when possession of the property is transferred from Seller to Buyer.
The Title Company coordinates and oversees the transaction. They are the separate, objective party, holding loyalties to NEITHER the Buyer or the Seller. The Title Company will do a Title Search on the property, which will show the history of ownership of the house as well as reveal any outstanding liens or judgments upon the home. The transaction cannot close until the owner delivers clear title, having paid off any and all liens on the home.
The Title Company will also coordinate all the loan documents from the Lender, and the Certificate of Clearance from the Termite Company as well as any other documents pertinent to the transfer of the property from the Seller to the Buyer.
In most instances the Title Company fees are split 50/50 between Buyer and Seller.
Over the years we have enhanced the services I offer my clients by surrounding myself with reliable, experienced and knowledgeable affiliates who have helped my clients home buying or home selling transactions go smoothly. Meet my Team.
Be assured and confident when you are making one of the biggest investment decisions of your lifetime. Go with a Full Service Team who have the resources and years of experience to guide you through the best decision accompanied by a smooth, seamless transaction from start to finish. We are that team: 1-888-844-0001.
