How Vital is the Escrow Process in a Sale?
Dated: March 17 2021
Like most states, Arizona uses escrow accounts to peacefully mediate between the seller and the buyer. Before anything else, the escrow process is started when both seller and buyer have agreed on an offer and the contract is finalized. Once the seller accepts the offer, the realtor will then contact the agreed upon escrow officer to open escrow for that particular transaction.
The escrow account will serve as the means of moving funds for both parties. However, before any funds are moved out of escrow, the escrow company will have to follow the standard procedures which include the terms and conditions set forth in the contract. The contract specifies certain clauses such as the allotted inspection period days, and seller concessions, who pays for the appraisal, will the seller allow for a buyer contingency, and many other options available to both parties. These negotiated terms as assisted by the agents to the parties to keep on track with specified timelines. Both the seller and the buyer each anxiously wait to hear that the property is able to secure a clear title from a title agency, able to get title insurance, as well as an appraisal coming in at at least purchase price. These are all formalities and necessities to assure the lender that the property being bought has value and is worthy of a loan.
Escrow accounts have a specific closing date. Which means, all conditions must be met prior to closing. In Arizona, the escrow process usually takes 4 weeks, this is considering everything goes well. The closing of escrow simply means that all documents are now set for recordation and the escrow officer makes sure all documents including title are on hand, and accurate.
The steps and processes aforementioned, are of high importance and necessary in closing a sale in Arizona. Prescott Arizona is no different. Without the escrow process, there is no neutral party that executes the terms and conditions set forth by both parties. Prescott homes are selling fast, and we would love to help you buy your dream home in 2021. Call us today to set up a virtual appointment to go over your desired home criteria. Our agents service not only the Prescott area but all of Yavapai County. Please feel free to check out our online Google reviews. The Stephanie Woods Team at Better Homes and Gardens Real Estate BloomTree Realty 928-237-4455 prescottazhomefinder.com is happy to help.