Lorem ipsum dolor sit amet, consectetur adipiscing elit. Sed facilisis, metus vel porttitor iaculis, libero ipsum congue nisi, quis cursus arcu eros quis nulla. Phasellus fringilla eu metus nec ultrices. Sed ut accumsan purus.
Learn More
Find out what escrow means in Arizona and how it works.
Arizona is an escrow state and has certain requirements when buying or selling property.
While some states use real estate attorneys to handle property sales, Arizona is an escrow state. You must use an escrow in Arizona when buying or selling property.
The exact escrow fees depend on the title and escrow company that oversees the process. Fees also depend on the value of the property for sale. Escrow fees in Arizona are usually calculated around $2.00 per $1,000.000 of the property’s purchase price, plus an additional $250.00. Endpoint offers one flat rate of $650 per side regardless of the price of the home.
The escrow process in Arizona usually takes place in about 30 days. Occasionally, some escrow processes can take as long as 60 days. The more complex the property purchase, the longer the process of escrow in Arizona takes.
Escrow services in Arizona are handled by a title and escrow company that acts as the intermediate third-party between the buyer and seller. They handle all funds and verify that both parties meet written contract instructions. Companies that perform escrow services in Arizona must be certified by the Nationwide Mortgage Lending System (NMLS).
New applicants who want to become an escrow officer in Arizona must apply for an escrow agent license through the NMLS. There are no prerequisites for license applicants but you do need to submit an FBI background check.
