| A title company plays a tremendous role in Real | | | | paper work in an orderly fashion, and has both the |
| Estate transactions in Arizona when discussing buying | | | | buyer and the seller come to the office to sign. Once |
| or selling property. They are the ones in charge of all | | | | all paper work is signed by both parties, the title |
| of the monies handled between the buyer, seller, | | | | company delivers the paperwork to the bank that is |
| Brokers, and Realtors. They are in charge of | | | | funding the loan. The bank which the buyers lender |
| transferring the title of a home from one party to | | | | obtained a loan for the buyer, wires the money to the |
| another. Title companies are the ones who put the | | | | title company. This is when all monies are dispersed to |
| property in your name. | | | | the appropriate party. The title company gets the |
| A Realtors first step after getting an excepted | | | | money from the lender, then delivers the money to |
| contract in Arizona is to open escrow with the title | | | | pay the Realtors, the Loan Officers (if applicable), the |
| company. The buyer and seller agree in the purchase | | | | seller, and any other party that requires compensation |
| contract who the title company is going to be. Once | | | | for being a part of the sale. Of course, the title |
| this is determined, it is usually the buyers Realtor who | | | | company takes a cut. Usually the closing costs are |
| opens escrow because the buyer is the one putting up | | | | split between the buyer and seller depending on the |
| earnest money to be lost in case the contract is | | | | terms of the contract. |
| breached. | | | | A title company is the battery of the operation, the hub. |
| Opening escrow means, delivering an excepted | | | | With out their organization there would be too much |
| purchase contract with the buyers earnest money to | | | | confusion. If you do not know a good title company to |
| the title company. Once this is done, escrow is opened, | | | | use when purchasing or selling Real Estate in Arizona, |
| and that is the beginning of the purchase contract. | | | | please ask a qualified professional Realtor to suggest |
| Title companies in Arizona are the ones who receive | | | | one. The title company deals with every person |
| the money from the buyer or the buyers lender to give | | | | involved in the transaction. It is important that a title |
| to the seller and/or payoff the sellers lender. The seller | | | | company has organization, and great communication |
| must provide who their current mortgage is through so | | | | skills. A good title company will notify the appropriate |
| that the title company can pay off the balance of your | | | | party when something may be wrong so that it may |
| loan. After the loan is paid off, and the closing costs, | | | | be fixed by the right person. |
| the seller gets what is left over which is called the | | | | It is important to develop a relationship with a good title |
| sellers proceeds. However, if a the person selling has | | | | company. Once a relationship is built, you begin to |
| no mortgage there is nothing to pay off except closing | | | | know how each works, making the job a little easier. |
| costs. | | | | You will know the title companies phone numbers, |
| There is paperwork that the buyer and the seller need | | | | names, fax numbers, and e-mail addresses by heart. If |
| to sign in order to successfully complete a Real Estate | | | | you are always using a different title company, it is a |
| purchase contract. The title company organizes the | | | | new set of information to learn. |