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Buying
property in Arizona is different from many other states
in the country, particularly those east of the Mississippi.
In Arizona, the State Constitution provides licensed real
estate agents the right to "prepare instruments incidental
to property transactions." This means we do not need
attorneys to sell and purchase property, which saves buyers
and sellers money! Instead, real property purchase transactions
are placed "in escrow" with an escrow officer,
a neutral third-party usually employed by a title insurance
company or agency. Buyers and sellers customarily split
the fees charged for this service.
The way we "close" our transactions is also different.
In many states all the parties sit around a table with their
attorneys signing documents. The transaction is then "closed,"
the property is transferred. Not in Arizona. Parties will
go into the escrow office at different times to sign the
documents. Then, on the date agreed for "close of escrow,"
the documents are recorded with the County Recorder. Title
to the property is then transferred.
If you are moving to Arizona from another state, I cannot
urge you enough to get a lender located in Arizona. Lenders
based in other states frequently do not understand the way
the settlement procedure is conducted here. This may result
in a delayed closing or, possibly, monetary loss. Please
get an Arizona lender for your Arizona transaction.
To
contact Jayne call:
Office: 480-892-5300
Toll Free: 800-861-6565
Email: Jayne@JayneRocksAz.com
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