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