Home Sellers Guide

escrow

In Arizona, a title company acts as a neutral coordinator for all parties in a real estate transaction and ensures all terms of the contract are met before

O P E N E S C R OW

T I T L E COMMITMENT Your escrow officer will order this. It is a promise to provide title insurance for the property. A title search is performed of the public record pertaining to your property, and the title commitment is issued.

A P P R A I S A L Your lender will order an appraisal to ensure your future home is worth as much as you’ve offered. At this point, you may hire a home inspector if you want to further assess the condition of the property.

Your escrow officer will open escrow where all funds and documents to close the home are set aside. You may have to make a deposit of earnest money, which eventually goes toward closing costs and/or purchase price.

T I M E TO SIGN

The title company receives the L O A N D O C U M E N T S from your lender, and your escrow officer prepares the remainder of the closing documents.

The title company ensures all conditions of the contract are met, records the documents, closes the escrow, and DISBURSES F U N D S .

You and the Seller will have separate appointments when signing at the title office. *Bring ID and a cashier’s check to pay the remainder of the

purchase price and any closing costs.

Your real estate agent provides the KEYS TO YOUR NEW HOME , and your title company provides you the title insurance policy.