5. OPEN ESCROW WITH A TITLE COMPANY
Starting the Escrow Process
Once you’ve signed a contract to purchase a home or property, the next step your agent will take is to open escrow. In Arizona, title companies typically provide escrow services. Learn more about title and escrow services and how they work below.
What is a Title Company?
With their expertise in researching property titles, title companies confirm ownership and identify any prior claims or legal issues attached to the property. Their role is crucial in ensuring the seller has valid ownership rights before issuing a title insurance policy, which protects the homeowner and the mortgage lender from future ownership disputes or title claims from previous owners.
What is an Escrow Company?
While title companies ensure ownership accuracy, escrow companies serve as neutral third parties that manage funds and oversee the execution of real estate contracts. In Arizona, title companies often provide title and escrow services under one entity. Depending on state laws, escrow officers may be attorneys or title company employees.
Escrow officers are responsible for:
- Holding earnest money deposits.
- Verifying loan and contract documents.
- Ensuring all terms of the purchase agreement are fulfilled by both parties.
- Ordering and distributing title and property documents.
- Communicating title issues and closing timelines to all parties.
- Prepare and provide closing/settlement statements for review.
- Facilitating document signings.
- Recording official documents with the county.
- Disbursing closing funds.
Title-Based, Attorney-Based, and Agent-Based States
In the U.S., states follow different processes for closing real estate transactions: title-based, attorney-based, or agent-based. Arizona, along with New Mexico, Texas, California, Nevada, Utah, Idaho, Oregon, Washington, and Alaska, is a title-based state. In these states, escrow agents and title companies typically handle closings. Please have a look at this GUIDE for more information about state-specific closing requirements.
Who Selects the Title/Escrow Company?
In title-based states like Arizona, the buyer and seller can negotiate and agree on which title/escrow company to use. The purchase contract usually specifies the chosen company. If the seller has a preferred title company, it’s often noted in the MLS listing. Unless you have a strong reason otherwise, it’s common to work with the seller’s choice. Remember that the title/escrow company must remain neutral and cannot favor either party.
If You Prefer to Shop for Title/Escrow Services
In Arizona, title companies are state-regulated, including caps on escrow service fees. However, some companies may offer discounted rates below the state limits. If you’re buying an investment property, please don’t hesitate to ask about investor rates for additional savings.
To find the right company:
- Search Google Maps for reviews of local title companies.
- Compare fees and services to find the best fit.
- Or select one of our preferred Title Companies below.
Opening escrow is straightforward and easily handled by your agent. If you elect to select a title company, just let your agent know, and they can take care of the rest.
Below is a list of recommended title companies in Arizona. All companies listed below have offices in various locations around the state and across the USA. Each company offers unique services and benefits, so it’s important to research and compare them to find the best fit for your needs.
Click on the Logo links or the blue quick links provided to visit their websites. They will offer office locations, services, fees, etc.
We suggest searching for an office convenient for you and the seller for signing ease and convenience.
Closing the transaction. Everything we do in our residential business revolves around successfully achieving that objective. It starts with seasoned escrow officers and senior staff who average 18 years of escrow/title experience. It extends to our underwriters, Stewart Title and First American Title, who offer a broad range of perspectives and flexibility when it comes to resolving complex title issues and providing the best pricing options. Finally, it means service that never ends until the deal is done.
Empire Title Agency has a network of branches that extends throughout Maricopa County and into Northern Arizona, with each office ready to assist in residential and commercial transactions, or refinances. Often the most valuable services we provide take place before a transaction is even opened. The range of property research we offer—from ownership history and property restrictions to farm information and comparable sales prices—can make a huge difference in the value and success of a deal.
Quick Links: Find a Branch
The heart of Pioneer Title Agency always has been—and always will be—the people. We have more than 600 employees, and there is a spirit that permeates the company and binds us all together. Our supportive environment doesn’t end when we walk out the door at the end of the day. The team is family—always. We celebrate our successes. We lift each other up. We laugh. We listen. And we have each other’s backs when things get tough. In turn, this level of support allows our team to provide our customers with the best service possible.
At Pioneer Title Agency, everything we do is in the hopes of leaving things better. Sure, that means cleaning up your title work and providing an excellent escrow experience. But it also means helping our communities. Whether it be by volunteering or donating, our teams are always looking for ways to give back and enrich the communities where we live and work.
Quick Links: Fee Calculators Sign-in optional, Quick Quote (no sign-in required) at bottom of page.
For over 100 years, Old Republic Title has helped Americans protect their property rights while providing peace of mind for one of the biggest investments homeowners will make. We work closely with title agents, real estate professionals, lenders and industry experts to secure safe and efficient real estate transactions. We provide comprehensive title and escrow products and services for individuals, businesses and government.
Headquartered in Tampa, FL, Old Republic Title Insurance Group has built a solid reputation as an industry leader and is one of the largest title insurance groups in the United States. We have a conservative financial management philosophy to maintain stability through changing tides in the real estate, lending and financial markets. Since 1992, no other title insurer has had higher overall ratings than Old Republic Title. The Group’s underwriters are Old Republic National Title Insurance Company and American Guaranty Title Insurance Company, and we operate through a national network of Company-owned offices, affiliates, authorized agents and approved attorneys.
Quick Links: Fee Navigator simple calculator. Arizona Locations
