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Does a private sale of real estate need to go through escrow and or title insurance in Arizona

  • August 01 2013 - Phoenix
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Answers (2)

There is no legal requirement for escrow or title insurance.  But both offer the parties protection by using an impartial 3rd party to handle such important tasks as title search, hoa transfer, prorating taxes & interest, recording a deed, etc.

If you are transferring a home between family members, have a verifiable history of the home and do not require financing, you may be able to transfer without using a title company.  I would at least retain an attorney to make sure all paperwork is executed properly.
  • August 02 2013
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No.

The purpose of escrow is to collect the money and the deed and prevent either party from getting their hands on both, because once that happens, it's hard to get them to let go of either the deed or the money!

Title insurance guarantees that the buyer gets the title they're paying for.

All the best,
  • August 01 2013
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