Page 10 - ODONNELL AZHG

OUR STEPS AN ESCROW AGENT MAY PERFORM:

Responsibility • ArrAnge for title insurAnce protection for the Buyer and
lender

• order pAyoff informAtion on existing liens, calculate and
Pioneer Title Agency’s responsibility, prorate taxes, liens, interest, rents, and insurance policies
as an escrow company, is to act
as a neutral third party, holding all • pAy costs And liens as agreed upon by the parties to the
documents and monies as required transaction
by the purchase contract and • ArrAnge for recording of the conveyancing documents
guaranteeing no funds or property and any other legal instruments necessary to transfer
will change hands until all of the title to the property in accordance with the purchase
terms and conditions in the contract agreement
have been met. Pioneer Title Agency • prepAre A closing stAtement for the parties to the transaction,
is employed by both the Buyer and showing disposition of funds in the transaction
the Seller to only act on written • close the trAnsAction after all instructions from Buyer and
instructions mutually agreed Seller have been satisfied
upon by both parties.
ESCROW

CLOSE OF IS CLOSED to sign their returns the signed packages to
in AZ, when the
ESCROW necessary documents individual the lender for review. Lenders
p ac kag es
may take 24 to 72 hours to review
The appointment to are recorded with are typically and fund, depending on the
sign lender and escrow the County sc hedu led individual lender’s requirements.
Recorder.
documents is frequently prior to the Following the lender’s deposit of
called a “closing” or “closing “close of escrow” funds into escrow, Pioneer Title
appointment,” however, there date on the purchase Agency presents the original
are a few more steps that contract. Buyers and Sellers signed documents (deed/deed
must be completed before the deposit any final documents and of trust) to the County Recorder,
transaction is closed. funds needed for the transaction usually electronically, for
Appointments with the escrow at that time. If a new loan is recordation.
company for the Buyer and Seller involved, Pioneer Title Agency Upon notification by the County
Recorder that the documents
WHAT IS are disbursed and final closing
have been recorded, all funds

packages are provided to all of
the parties. Recordation is the
“Close of Escrow.”
ESCROW?

10 ARIZ NA
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