Final answer:
In Arizona, closing costs are typically split between the seller and buyer, but the specific allocation can vary and should be outlined in the purchase agreement. The escrow company facilitates the transaction but does not cover these costs.
Step-by-step explanation:
In Arizona, the charges for the day of closing on a home purchase typically involve several fees and responsibilities for both the seller and the buyer. A common question that arises is who is responsible for these closing charges. These can include title search fees, attorney fees, real estate commission, and other closing costs. The allocation of these expenses is usually a matter of local custom and may be negotiated between the buyer and the seller as part of the sales contract.
With respect to the specific question of who is customarily charged for the day of closing in Arizona, it is important to review the purchase agreement, as it will typically outline the agreed-upon terms between the parties. However, in general practice, it is common for these costs to be split between the seller and buyer, though variations can occur based on negotiation and local real estate practices. The escrow company typically facilitates these transactions but is not responsible for covering these costs.
It is also important to understand the role of escrow in a home purchase. The escrow process involves a neutral third party that manages the funds, document transfer, and fulfills agreements such as paying home insurance and property taxes. For the homeowner, incorporating these expenses into the monthly mortgage payment through escrow can be convenient, ensuring that these important bills are paid on time without the homeowner having to manage them separately.