The purchase or sale of a home is the largest transaction many of us carry out in a lifetime and is often the most important. When you are buying or selling Scottsdale real estate, it is imperative to have a neutral third party through which all money and documents will be transferred and who will act as a “stake holder” until all conditions of the sale are met. This neutral party is an escrow officer. Typically, the escrow officer will be employed by a title company and has extensive experience handling the documents and large sums of money involved in real estate transactions.
When an escrow is opened, the escrow officer will receive the original purchase contract and additional written instructions agreed upon by the involved parties. From there, all contingencies and other items required by the buyer or seller, such as receipt of earnest deposit, inspection and required repairs must be carried out before the escrow can be closed. Only then will the escrow officer release all funds to the Seller and transfer the property to the new owner.
Escrow is a crucial part of the home buying process, since both buyers and sellers of property want to ensure that their interests are protected during such a large transaction. However, an escrow officer is only responsible for what has been agreed to during negotiations. It is equally important to have a real estate agent whom you can trust to represent your interests. As a former real estate attorney, I am uniquely qualified and have ample experience with negotiations and contracts. Put my education and experience to work for you.
If you are thinking about purchasing Scottsdale Arizona real estate, give me a call at (602) 791-0536.
Carmen Brodeur JD
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260