|View single post by frankiej|
|Posted: Sun Aug 21st, 2016 06:06 am||
|LTR, in arizona there is usually 2 closings! the seller/sellers and the buyer/buyers usually each "party" has separate closings! i have witnessed as many as 4 separate appointments for closing, and spread out over a 5 day work day week, not always do the buyer/buyers close before the seller/sellers! each closing is determined on the convenience of each party, seller/sellers and buyer/buyers!
funding and dispersal of funds are 2 separate issues, the seller/sellers if liens are involved with them are the last in line of the dispersal's!
lets make something clear, a escrow/title company can disperse the funds, the doesn't mean the the seller/sellers have the "check in hand"!!
a property can be recorded and the "keys" given to the buyer before the seller/sellers funds have been given to them "check in hand"!
dispersal is the allocation of funds!
in arizona when there is a meeting of minds; a purchase contract signed by the buyer and signed by the seller, then usually the purchasing real estate agent "opens escrow "!! the earnest money check is usually used for this! an escrow receipt is issued!!
there are a zillion factors to a closing, opening escrow is just the start! there are cash deals, finance deals, owner carry backs, balloon payments, ect.!! loan approval for the buyer, escrow funding, seller lien pay offs, real estate commissions, ect;!
i generalized, just as you have!
the point i am trying to make is legal recourse!
real estate agents (NOB) if they are realtors, carry "errors and omission insurance" ( not all real estate agents are realtors) "legal recourse"
earnest money deposited with escrow company. "legal recourse"
escrow/title company, "title insurance policy". "legal recourse"
Last edited on Sun Aug 21st, 2016 07:49 am by frankiej