is
REALTOR® by Choice
is
REALTOR® by Choice
REALTY EXECUTIVES
In the State of Arizona, title companies perform a dual function. They issue policies of title insurance and act as settlement or escrow agent.
TITLE INSURANCE:
 | OWNER'S POLICY - Protects the buyer against loss incurred if defects in title appear. In general, it is said that an owner's policy provides the buyer with what is described as "marketable title" to his or her property. |
| LENDER'S POLICY - Protects the lender's interest much like an owner's policy protects a buyer's interest. However, lenders usually insist on more extensive coverage than buyers. In general, the lender is concerned with protection against title defects and with the priority of its recorded loan. |
SETTLEMENT OR ESCROW AGENT:
This is a very involved portion of the transaction. They accumulate documents, funds and information for the closing. When all necessary parts are in place, the closing takes place according to the buyer's and seller's written instructions. Because of this, buyer and seller may do their part of the closing at different times. There is no need to gather together at a closing table to complete the transaction.
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Tom Graham, REALTOR® by Choice - Toll Free 1-888-884-9511 mailto:tom@tomgrahamrealtor.com
