What is the Close of Escrow?

What does the close of escrow mean?

A term that is mentioned over 35 times in the AAR Purchase Contract is the phrase close of escrow.  Many buyers from the east coast mistakenly believe that when they sign the final documents at the title/escrow company, the transaction has closed. Not so in Arizona.  Continue reading to find out all the activities surrounding the close of escrow.

Activities based on the close of escrow in the AAR Residential Contract

When an offer is accepted and becomes a fully executed contract, many of the activities as based on the contract acceptance date such as the inspection period, delivery of the Seller Property Disclosure Statement and CLUE report. However, as the transaction progresses more events and activities are tied to the close of escrow. To get a better understanding of what the close of escrow is, watch the video below.

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4898 S FRESNO STREET

4898 S FRESNO STREET
Price: $584,999
SqFt: 3149
# Beds: 4
# Baths: 2.5
Acres: 0.34
City: Chandler
State: AZ
Zip: 85249

745 W DESERT BROOM DRIVE

745 W DESERT BROOM DRIVE
Price: $615,000
SqFt: 3128
# Beds: 4
# Baths: 2.5
Acres: 0.19
City: Chandler
State: AZ
Zip: 85248

572 LEISURE WORLD --

572 LEISURE WORLD --
Price: $236,000
SqFt: 2022
# Beds: 2
# Baths: 2
Acres: 0.18
City: Mesa
State: AZ
Zip: 85206

3300 S WATERFRONT DRIVE

3300 S WATERFRONT DRIVE
Price: $799,900
SqFt: 4427
# Beds: 6
# Baths: 4.5
Acres: 0.25
City: Chandler
State: AZ
Zip: 85248

4777 S FULTON RANCH BOULEVARD 2074

4777 S FULTON RANCH BOULEVARD 2074
Price: $375,000
SqFt: 1756
# Beds: 3
# Baths: 2
Acres: 0.05
City: Chandler
State: AZ
Zip: 85248

2312 W SUNRISE PLACE

2312 W SUNRISE PLACE
Price: $709,000
SqFt: 3600
# Beds: 5
# Baths: 3.5
Acres: 0.25
City: Chandler
State: AZ
Zip: 85248

538 LEISURE WORLD --

538 LEISURE WORLD --
Price: $285,000
SqFt: 1304
# Beds: 2
# Baths: 2
Acres: 0.14
City: Mesa
State: AZ
Zip: 85206

687 LEISURE WORLD --

687 LEISURE WORLD --
Price: $223,900
SqFt: 1226
# Beds: 2
# Baths: 1.75
Acres: 0.04
City: Mesa
State: AZ
Zip: 85206

2448 W HOPE CIRCLE

2448 W HOPE CIRCLE
Price: $766,500
SqFt: 3518
# Beds: 4
# Baths: 3.5
Acres: 0.24
City: Chandler
State: AZ
Zip: 85248

3200 S GREYTHORNE WAY

3200 S GREYTHORNE WAY
Price: $674,514
SqFt: 3154
# Beds: 5
# Baths: 3
Acres: 0.25
City: Chandler
State: AZ
Zip: 85248

 

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