Tuesday, 30th of March 2010 at 09:42:36 AMI’m originally from Illinois and have worked with many buyers from the East Coast and they tend to think that all parties and their lawyers come together at a closing table to work out final details, sign documents, and transfer keys, this isn’t the case in Arizona.
Arizona is an escrow state. We take all of the house sale documents, all of the money, and give it to an escrow officer, who coordinates the actual transfer of ownership, the settlement statements, the transfer of money, and the signing, among other things.
Remember that escrow is just a neutral third party, paid by both Buyer and Seller to help coordinate the sale and to be a unbiased storage place for the money involved in the sale.
When you buy a home in Phoenix, your purchase agreement usually states that you will sign all of the required documents at least 3 days prior to the closing date. That means the closing date is not when you sign; it’s when everything records at the County, also known as the close of escrow or the date of the transfer of ownership.
Signing usually occurs on a different day than closing. Signing is when you sign all the documents (hence why we call it signing). It is not an indication that transfer of ownership occurred. In fact, you don’t need a lawyer, you just go to the escrow officer, who has all the documents for you to sign. It’s just you, the escrow officer, and if you are represented by me, I’ll be there as well. And if money is needed, you’ll be bringing in a certified check.
We’re also one of those states where you don’t need a lawyer to buy or sell real estate. While you acan hire one to review the various agreements, and are encouraged to do so if you have concerns, the vast majority of homes in Phoenix are bought and sold without lawyers.
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