Page 12 - Frances Porte AZ Seller Guide

Who Needs Escrow?

You do…if you are buying or selling a house, business, 3. What transaction types necessitate
income property, mobile home, or if you are involved in Escrow?
any other transaction which may require the transfer of
documents or funds. •Residential Sale Transactions
•Refinancing a Mortgage
1. What is Escrow? •Sale of Income and Commercial Property
It is an agreement in which a buyer and seller appoint •Subdivisions
an impartial third party to hold funds and/or documents. •Mobile Home Sales
For example, in a real estate transaction, an escrow •Construction Loans
officer would hold the seller’s deed and the buyer’s funds.
4. Who pays the Escrow cost?
2. What does an Escrow Officer do? The escrow cost is a matter of agreement between the
Our escrow officers act for all parties to the escrow. We parties, as is the choosing of the escrow company.
hold such documents as deeds, bills of sale, releases
and any special reports needed and have the necessary
documents recorded. We act as the depository of money Driggs Title will serve as an impartial third
involved in the transactions. We can see that taxes, fees, party during your real estate transaction.
interest and commissions due are paid, and we disburse
funds in the correct amounts at the proper times. In an
escrow transaction, an escrow officer makes
sure your written instructions are carried out before
exchanging the funds and/or documents.

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