Scottsdale, Arizona has many established Title/Escrow companies to assist buyers and sellers in their real estate transactions. Choosing a real estate agent that has good contacts in the Title/Escrow industry can be invaluable. It is also very important for buyers who do not live in Scottsdale to know they are working with a reputable Title/Escrow company. Bloom / Van Omen & Associates, the official real estate partner of Scottsdale.com, has developed and maintained excellent relationships with the best local and national Title/Escrow companies to ensure a speedy and accurate closing for all our clients.
What is escrow? Many Scottsdale home buyers and sellers have been through the escrow process but never thought to ask what it really was. Escrow is basically the period of time during which the Title/Escrow company (the third party) holds the proceeds from the sale of a property until both the seller and buyer sign their closing documents. After the signing takes place, the Title/Escrow company transfers the funds from the buyer or buyer's lender to the seller of the property being sold. In most cases, the buyer is transferring the funds to the new lien holder of the property being sold. The escrow process starts when the potential buyer's written offer is accepted by the seller and the earnest money is deposited into an escrow account. "Earnest money" is a small deposit submitted with a real estate purchase offer to show the seller you are a serious about the offer. The earnest money is kept in the escrow account until the close and is forfeited by the potential buyer if they back out of an accepted during the escrow process.
What does a Title/Escrow company do for me? Title/Escrow companies are forced to live up to the highest standards in a competitive market like Scottsdale. Bloom / Van Omen & Associates only works with the strongest and most reputable Title/Escrow companies in Scottsdale Arizona. The job of a Title/Escrow company is to act as a non-biased third party and ensure a smooth real estate transaction for both the buyer and seller of the Scottsdale property. Once the process has started, you can expect the Scottsdale Title/Escrow company to:
Deposit earnest money,
Review the purchase contract to initiate title report,
Create/record the documents for the title transfer, and
Coordinate the closing process with the involved parties, including receipt and disbursement of necessary monies at close of escrow.
Additionally, the Title/Escrow company will research and scrutinize the property based on the legal description and current owner vesting as recorded with the County Recorder. Based on this information a Title Report is generated which outlines the following: current and proposed insured [Seller/Buyer], sale price, loan info, property description, items which are not insured called "Schedule B Exceptions" and a list of Requirements which must be remedied prior to the closing and recording of the transaction. Based on this research and remedy of said requirements, a title insurance policy will be issued providing coverage to the new owner. When funds are borrowed from a financial institution, a Lenders Policy is issued to insure the Lender.
There are different types of coverage levels based on the premium amount elected, however the main function is to insure that the information within the report is true and correct from the date of the report and back through out the property history.
In Arizona title insurance is required and as a standard paid by Seller. An ALTA Lender Insurance Policy is required by the Lender and is paid by Buyer.
Contact Bloom / Van Omen & Associates Today
480-744-6357 (toll-free 800-736-2974)
or send us your request today! The Official Real Estate Partner of Scottsdale.com
