Escrow Instructions - Residential Sale: This document serves as a list of instructions, with regard to the escrow account attached in the selling and buying of land, or a home. It details to the Buyer, Seller and Escrow Agent their respective duties during the buying/selling process. It is available for download in both Word and Rich Text formats.
Tucson Arizona Escrow Instructions for Residential Sale
Category:
State:
Arizona
City:
Tucson
Control #:
AZ-SALES-12
Format:
Word;
Rich Text
Instant download
Description
How to fill out Arizona Escrow Instructions For Residential Sale?
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FAQ
The escrow process starts in Arizona when the purchase contract between the buyer and seller is finalized. Once the purchase offer is accepted, the buyer's realtor will open escrow, and the earnest money will be delivered to the escrow agent.
In summary, escrow is when a third party manages the money and transactions between a buyer and seller. For a real estate transaction, for example, a buyer would deposit their money with the escrow company. Once the selling and contract process is over, the escrow company would then disburse the money to the seller.
In California, there are two forms of escrow instructions generally employed: bilateral (i.e., executed by and binding on both buyer and seller) and unilateral (i.e., separate instructions executed by the buyer and seller, binding on each).
This can happen in the title agent's office or the notary public can meet the buyers and sellers at a different location. Remote Online Notarization (Remote Notary): This type of closing is the newest version. You might also hear the terms webcam or remote used to describe this type of closing.
Escrow is technically a legal process in which a third party holds onto money in a designated account for a set time until a particular condition is met, such as the fulfillment of a purchase agreement.
Escrow holder is bound by law to notify both parties if the instructions given are not mutually consistent or cannot be carried out. These instructions are drawn by escrow officer, and signed by the buyer and seller.
Escrow instructions normally identify the escrow holder's contact information and escrow number, license number, important dates including the date escrow opened, as well as the date it is scheduled to close, the names of the parties to the escrow, the property address and legal description, purchase price and terms,
Arizona is a community-property state. Title agents handle escrows, and attorneys conduct closings. Conveyance is by warranty deed.
Unless otherwise instructed in writing by the parties, the escrow charges and recording/filing fees shall be paid one-half by Buyer and one-half by Seller.
