Escrow Information
When it comes to Real Estate, Arizona is not an “Attorney State”. The state legislature gave Real Estate Agents powers granted to attorneys in other states.
Your real estate agent will write the contract and possibly present that contract to the buyer’s agent or the buyers. And your Realtor® will sit with you at closing and explain the HUD-1 or settlement statement to you with the escrow agent. There is no requirement to have an attorney present, although you, the buyer, may do so if you desire.
Terry is familiar with this process, having conducted it several hundreds of times.
Once the contract is signed and there is mutual acceptance between the buyer and the seller, Terry will “open escrow”.
She will take the earnest money check to the Title Company, often known as the Escrow Company, and begin the process of “closing escrow”. The check will be deposited into “your account” and the preliminary title report will be ordered which will be sent to you. The following diagram helps explain the life of an escrow.
Terry will also receive a copy of that report, and she will go through it with you to determine if there are any problems. If you have a common name like Smith, Gonzalez, or Nguyen, - Farley, Steiner, or Trujillo, the preliminary title report may red flag potential problems such a judgment for failure to pay child support. These can prevent a potential buyer or seller from buying or selling property until the judgment is paid.
Terry will work with you. Often a “Notice of Not One and The Same” and
other documentation will prove you are not the person in question. Title issues can arise because upon the death of one party, the property was not legally passed to the surviving spouse or heirs. Terry has dealt with situations where there have been divorces without adequate passage of title, combined with deaths of spouses and or children, compounded with deaths of the children’s children. This presents a title nightmare which must be worked through legally before property can pass again. According to how title has been taken, this can severely impact the proceeds of the sale to the buyer.
The method in which a buyer takes title to a property is not a light issue. It has taxable and legal implications.
This PDF, courtesy of Title Security Agency of Arizona, explains methods to take title.
In the event of a dispute, the escrow agent is the third party who makes the determination to whom the earnest money is awarded. Terry makes sure all procedures are followed correctly so that you , whether buyer or seller, will have your funds protected
For more information or a relocation package on Tucson Real Estate email Terry with your Name, Address, City, State, Zip Code, Phone Number and your specific question to information@terrybishop.com
