Page 11 - Daphne Axton AZHG
P. 11

OUR                                           STEPS AN ESCROW AGENT MAY PERFORM:

           Responsibility                            •  ArrAnge for title insurAnce protection for the Buyer and

                                                     •  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.

        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.
        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.”

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