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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