Arizona Escrow Agreement for Bulk Sale Pursuant to the Uniform Commercial Code
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How to fill out Escrow Agreement For Bulk Sale Pursuant To The Uniform Commercial Code?
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FAQ
In many states in the United States, buying a home involves a lawyer or notary handling the money transfer between parties. However, in Arizona, all home and other real estate transactions involve escrow.
In summary, escrow is when a third party manages the money and transactions between a buyer and seller. For a real estate transaction, for example, a buyer would deposit their money with the escrow company. Once the selling and contract process is over, the escrow company would then disburse the money to the seller.
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Arizona requires a house to be held in escrow before the sale is complete. They keep the funds safe and distribute them once the transaction is complete. The escrow fees may vary depending on the company you choose. However, the fees are generally $2 for every $1,000 of the property's sale price.
The first part of the escrow process is the opening of an account in which deposits and any other payments can be held. The buyer must wait for bank approval, secure financing, get inspections completed, purchase hazard insurance, do walk-throughs, and go through closing.
The average cost of an escrow fee is 1% ? 2% of the purchase price of the home. That means, if you're looking at a home with a sales price of $200,000, the escrow fees may cost around $2,000 ? $4,000. The escrow officer may also charge a flat fee for its services.
How the Arizona Escrow Process Works. The escrow process starts in Arizona when the purchase contract between the buyer and seller is finalized. Once the purchase offer is accepted, the buyer's realtor will open escrow, and the earnest money will be delivered to the escrow agent.
The closing cost in Arizona for buyers are approximately 2%?5% of the home's agreement value. While the sellers are expected to pay around 6?10% of the home's purchase price.