HOME BUYERS

Don’t feel you are on this road alone. Buying a home is a highlight moment, but many times it comes also with uncertainty and stress. We understand. Mixed emotions during a purchase is not only natural, but expected. Whether this is your first home purchase, or your fiftieth, our commitment to you is to oversee each step of your real estate purchase.

CONGRATULATIONS ON YOUR NEW HOME!

We are honored that you’re here!

The time of purchase has arrived! It’s an exciting time. Most home buyers, no matter how experienced, feel elation, but also a bit of anxiety throughout the paperwork process. We are here to help!

Did you know that Arizona’s title companies are obligated under law to serve as neutral and unbiased third party in assisting both buyer and seller?
It’s the truth. Escrow companies are legally bound to oversee, from beginning to end, the property sales process.

What makes Momentum Title and Escrow Agency different than the rest?
We believe what makes us different is our three-fold cornerstones commitment throughout the transaction process: Experience, Knowledge, and Integrity.

Our team is responsive to your requests, and we make sure to communicate every step of the way. We have the experience and resources to provide you with exceptional escrow service.

Our passion is client-driven. We realize that the average person makes 1-3 home purchases in their lifetime. It is our job to provide a stress-free and growth experience for you by getting to know your needs, giving you our highest attention, and aiding in the transaction process all the way through to completion.

IN THE KNOW

We believe that the foundation for superior customer service is communication. When you trust in us for your home purchase, it is our pleasure to keep you updated on the state of your transaction. We find that sharing the process with our clients allows them to gain a greater knowledge and confidence, which affords them greater joy in the purchase process of their new home.

THE ESCROW PROCESS

The escrow file is opened and title report is ordered. In the title report request, we include:

  • Escrow Number
  • Name of Buyer
  • Name of Seller
  • The Property Address

This purchase agreement is a formal document that is dictated by the State of Arizona, more formally known as the ” Arizona Real Estate Purchase Agreement.“

This agreement comes to us completed in which all parties have signed. It also includes information such as:

  • The Purchase Price
  • Earnest Money
  • Down Payment Amount
  • Any Loan Involvement

Any formal agreements also are listed in this document. For example:

  • Lists who pays for:
    • Home Warranty
    • Appraisal Fees
    • Escrow Fee (usually paid equally between both parties)
    • Owner Title Insurance Policy (commonly paid by the Seller)
    • Lender Insurance Policy (commonly paid by the Buyer)
    • Any Endorsement  required by the Lender (Paid by the buyer)
    • Recording Fees (Normally split by both Buyer and Seller)

We contact the buyer for earnest money. We record the earnest monies received and send confirmation to all parties.

Performing a Title Search is reaching back the entire history of the property. Search items include:

  • Outstanding Mortgages
  • Other Existing Liens
  • Unpaid Homeowners Association Dues
  • Judgements Or Unpaid Tax Liens
  • Restrictions
  • Easements
  • Leases

After receipt of the earnest money, the “Title Commitment” is completed in-house. This process is a complete background research on the entire property history. 

The Title Commitment includes:

  • The Owner of the Property
  • Current Lender
  • Loan amount
  • Buyer’s Name
  • Purchase Price
  • Buyer’s Loan Amount

The Second page includes information such as:

  • Loan information
  • HOA (if applicable)
  • Any liens or judgements

The rest of the Title Commitment document covers standard requirements.

Our team prepares the final estimated closing disclosure, which is then sent to each Real Estate Agent for validation/confirmation.

This closing discloser is a list of of all charges and credits of the sale.

Once confirmation is received, a time is scheduled to review buyers final documents with the buyers and sellers.  We spend time with each party separately, and go over all the detailed information, and explain the documents where needed. The documents are signed.

After the final signatures, we receive loan funds from the buyer or the buyer’s lender. We also receive any funds due from the seller as well according to the closing documents.

The escrow company has one final step in the process, and that is a final confirmation from all parties involved to submit in record to the county recorder. Only after all parties confirm is the sale recorded.

Once all steps have been fully completed, the disbursement of all funds are made, and the Real Estate Agent is allowed to provide the keys to the buyer. A final closing receipt is sent to lender.