Below are answers to frequently asked questions about “Escrow”. If you have a question that you would like answered feel free to submit your question here.
What is Escrow?
The term “Escrow” generally refers to funds and/or documents (e.g., Earnest Money Deposit, Certificate of Title) held by a third-party on behalf of transacting parties until the consummation or termination of a transaction.
How much are Escrow Fees?
Easy Living Solutions does not charge Escrow Fees if/when acting as the escrow agent for a transaction. When Easy Living Solutions is not acting as the escrow agent for a transaction all escrow fees will be determined by and payable to the agreed upon independent escrow agent.
A.R.S. 41-2180, “Trust and escrow requirements; rules; exemptions”
Beginning July 1, 2012, each properly licensed dealer handling the sale of a new or previously owned manufactured home, mobile home or factory-built building designed for use as a residential dwelling with a purchase price of fifty thousand dollars ($50,000.00) or more, shall use the services of a independent escrow agent authorized to handle such an account in this State.
Beginning July 1, 2012, each properly licensed dealer or broker who sells previously owned mobile homes, manufactured homes or factory-built buildings designed for use as residential dwellings, that have a purchase price of less than fifty thousand dollars ($50,000.00), shall maintain a trust account or an escrow account with an independent financial institution or an independent escrow account with an independent escrow agent located in this state.
Beginning July 1, 2012, each properly licensed dealer or broker who sells previously owned mobile homes, manufactured homes or factory-built buildings designed for use as residential dwellings in a brokered sales transaction, where the purchase price is less than fifty thousand dollars ($50,000.00), must provide the purchaser with written disclosure before the purchaser signs the purchase contract, that the purchaser has the option to request from the dealer or broker, in writing, that the sales transaction be handled through a title company and that the transaction will otherwise be handled through a trust account or an escrow account maintained at a financial institution that is controlled by the licensee if the purchaser does not exercise this option and if the seller does not consent to the use of a title company.
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