We wrote this 8-part section to help take any confusion you may have out of the residential property buying process here in Arizona.  This website represents only a small part of the length we are willing to go to help you find the perfect home that meets your exact needs.  We do business in communities all across the "Valley of the Sun."  We  are experts in negotiating the best deal for you in both standard homeowner/seller and bank owned/foreclosure situations.  Our services are always absolutely free for buyers.  The best way to get started is to first take a moment to Register with Us by clicking this link.

As Professional REALTORS® we have full access to the Arizona Regional Multiple Listing Service. This allows us to search for homes using over 100 search criteria.  This includes geographic location, size, year built, room dimensions, types of rooms, specific community rules and regulations, just to name a few.

For example: If you are looking for a Single-Level Home, with Dual-Master Bedrooms, 3500 Square Feet Minimum, with Diving-Pool, that is Waterfront and on the Golf Course, then we can help!  We may not be able to locate that exact match but we would be able to find the closest homes available and also set up automatic alerts so that you are notified when something like it does become available.

One of the many free services that we offer is a "Client Portal." This is virtually your own website, set up by us, that will store all the homes that meet your criteria. You are able to save homes as your “Favorites” or “Possibilities”, make notes on properties, and get rid of the ones you don’t like.  We are also able to log in and see what properties you are interested in and answer any questions you might have about the homes.  This is a great tool.  If you would like to get set up please complete our simple Buyer Form by clicking here.

We can't forget to mention the custom MLS map search tool that is available right on this website.  This puts you in complete control allowing you to save properties and to set up your own custom searches to have new properties emailed to you.  We keep up-to-date on all of the latest MLS search tools and feel that this is definitely the best one out there.  Look for it under "MLS Search" at the top of the screen or Click Here. 

Again, please keep in mind that our services are absolutely FREE to all Buyers.  If you have any questions please feel free to Contact Us at anytime via phone or email.

While you're planning your real estate purchase you may want to refer to the Arizona Department of Real Estate Buyer Advisory for much more specific information and pitfalls to watch out for during the process.  You can view that in PDF format by Clicking Here.

Often times this is put well ahead of actually searching for a home. If you have not yet begun to look into the financing of your home then this will be the next step.

If you are planning to use lender financing when submitting an offer we are required to attach a standardized form known in Arizona. as an "LSR" or a "Loan Status Report."  This is essentially what is called "conditional loan approval" in most other states.  To view a copy of an LSR click here.

If you are planning to pay with CASH then we are required to attach a "Proof of Funds."  Typically a letter from a financially institution or an account statement showing that you have enough funds to cover the purchase price of the property is sufficient.

We work closely with lenders who have been in the business for several years. Whether you have purchased a home (or homes) in the past, are a first-time-home buyer, an investor, a Canadian or other foreign national, we have knowledgeable people who can help.

We would suggest that you interview at least a few different people within the mortgage profession so that you can learn about as many different programs and options as possible.  Rates are back down to record lows and that definitely can be used to your advantage in the purchase of you home.

We can provide you the contact information of several different Lenders. Please Contact Us or fill in the Buyer Form by click here and select, "Yes, Need to Be Prequalifed."

Once we have worked together to narrow your search down to a particular area (or areas) and then further down to a set of properties, it is then time to start viewing homes.  We make sure that you not only get to view each property thoroughly but that you get a firm grasp on the area surrounding each home as well.  This way you can be sure the location is up to your standards and that it has all the amenities you desire.

Whenever possible we preview and/or research properties before we show them to our clients, especially if our clients are from out of town and are limited on time.  The day of showings we will provide you with full-color, in-depth, printed reports of the properties that we will be viewing. Once we have located some properties of interest to you, we then prepare a report on comparable properties, which includes information on other homes currently for sale in the area as well as recently sold properties.  This will allow you can get to an early understanding for how competitively, or non-competitively, the property is priced before you decide on an offer price.

Using our digital keys we have access to almost every property that you will see on our website, or anywhere else you might look, as long as it is in the MLS System.  Typically, if a home is being lived in then the current owner or occupant does not need to be there for us to gain access to the house.  Most of the time the current occupants are not there giving you the opportunity to give the home a very thorough review without anyone looking over your shoulder.

We have been able to show clients as many 25 homes in a single day.  It can be an exhausting experience but it always proves to be worth the effort once we walk into the right home.

Already have a property in mind that you would like to view?  -Or- do you want to get set up with detailed search results so that you can be on your way to viewing homes? All we need is a little bit of info, which you can easily provide on our Buyer Form by clicking here.  Also, feel free to Contact Us anytime with any questions about a particular property or any general questions that you might have. In Addition, remember, our services are FREE for all buyers.

Arizona is like the majority of states, in which it is not standard to involve a lawyer in a residential real estate transaction. We do advise that if you have any legal questions concerning the contract, other forms/documents involving the purchase of a home, or any other concerns that you do seek legal council.

Arizona sets the standard in the development of a clear, concise, and overall easy to understand real estate contract. Some buyers feel more comfortable getting familiar with the purchase contract early on in the buying process. If you wish to review a blank copy of the contract then please feel free to contact us so that we can send you one.

The following forms are typically required to be provided/signed by the buyer before submitting an offer:

• Arizona Real Estate Purchase Agreement
• LSR or Proof of Funds (explained in step 2)
• Home Owners Association Addendum (if applicable)
• Real Estate Agency Disclosure and Election
• Signed acknowledgment of having received the Arizona Buyer Advisory (view here)
• AS-IS Addendum (typical in bank owned and short sale transactions)
• Short Sale Addendum (if applicable)
• Various other disclosures/addendums when applicable

The Offer is written up on the 9-Page Purchase Contract and is then sent to the seller for their review. If the Seller decides to accept the offer as written they will sign the acceptance on p9 and the contract is then considered "executed."  The Seller may also choose to reject the contract or sign and return it to the buyer along with a counter offer. If they do counter the offer it is then up to the buyer to either accept, counter back, or cancel.  This process can go back and fourth several times.  If the offer does become "executed" at any point it is at that time that the "escrow period" then begins.  This also signals the beginning of the "inspection period," which is a standard 10-days in Arizona.  Both the "escrow" and "inspection" periods are further described as you continue on below.

We have recently adopted a new electronic signature technology known as DocuSign.  With DocuSign we are able to coordinate an entire real estate transaction without ever printing out a single document.  The best part for our clients is that they also don't have to worry about printing and faxing.  It is now possible to execute an entire purchase contract using just your email and the internet.  This has made things so much easier for ourselves and our clients, especially our long-distance clients who sometimes even purchase properties sight-unseen, which is a another type of transaction we also have of experience in.

We try diligently to stay ahead of the crowd when it comes to adapting in this ever changing.  We are constantly bring on new technology and acquiring new skills.  We have also written special sections for bank owned and short sale properties.

Please Go Here to Register with Us so that we can help you begin the process of finding the right home and purchasing it at a great price.

If you have any questions at all please don't hesitate to Contact Us.

The "escrow period" is the time between which the contract is "executed" and the time that the property is officially transfered to the new owner or the "close of escrow date."  Once a contract (and any subsequent counters) are signed by both parties the contract is then considered "executed" and escrow is then considered to be "opened".   It is at this time that the initial deposit from the buyer (earnest deposit), which is collected at the time the buyer signs the offer, is deposited with the Title Company, also knows as the Escrow Company.  The escrow officer, as they are called, will then issue a receipt and open up the file to start facilitating the transfer of the property.

In a standard transaction, where homeowner is the seller of the property, the buyer will usually  have the ability to choose the title company.  There is a section in the purchase contract where the buyer will name the title company when writing the offer.  This is negotiable, however, and sometimes the seller will name a different title company within a counter offer.  In bank owned transaction the bank pretty much ALWAYS names their title company of choice in a counter offer.

The title company acts as the neutral third party throughout the escorow period and handles the exchange of money between the buyer and seller.  They are responsible for researching the title on the property and making sure it is free and clear of any leans and other hindrances.  Once the title is found to be clean the title comany that will issue the title insurance on the property.  If the property is governed by a Home Owners Association then the they will also handle the transfer with the HOA management company from seller to buyer.

We work with a great team of escrow officers who are very friendly and helpful and always willing to answer any questions you may have at any point during the purchasing process. There are several ways in which a buyer or buyers can hold title in the state of Arizona. Here is a brief explanation of each. If you have any further questions please feel free Contact Us or fill out the Buyer Form by going here.

Ways that you can Hold Title:

Sole Ownership

• A single individual who has not been legally married. An unmarried individual who was married and is now legally divorced.
• A married individual who wishes to acquire title in his or her name alone.
• At the time of closing, the spouse of the buyer will be required to specifically disclaim or relinquish his or her right, title and interest to the property.

Holding Title with Others:

Tenancy in Common

• Enables each partner in the property to sell, lease or will to his/her heirs that share of the property belonging to him/her.
• Who can take title? Any number of individuals.
• Ownership Division: Any number of interests, equal or unequal.
• Who holds title? A separate legal title to his undivided interest is held by each co-owner.
• Possession: Equal right of possession.

Joint Tenancy

• Property owned by multiple individuals where if one of the owners dies, the remaining owners acquire the share of the deceased owner automatically.
• Who can take title? Any number of individuals.
• Ownership Division: Interests cannot be divided.
• Who holds title? There is only one title to the whole property.
• Possession: Equal right of possession.

Community Property

• Property owned equally between a husband and wife. Each must sign all agreements and documents of transfer.
• Who can take title? Only a husband and wife.
• Ownership Division: Interests are equal.
• Who holds title? Similar to title being in a partnership, title is held in "community."
• Possession: Equal right of possession.

Additional Ways to Hold Title:

Corporation

• A corporation is a legal entity, created under state law, consisting of one or more shareholders but regarded under law as having essentially the same as those of an individual.
• The entity has continuous existence until it is dissolved according to legal procedures. Land owned by a corporation cannot be attached for personal debts or judgments rendered against any of its shareholders.

Living Trust

• A living trust is created while an individual is alive and gives the individual control of the distribution of his or her estate.
• The individual transfers ownership of his or her property and assets into the trust.

Partnership

• A partnership is an association of two or more persons who can carry on business for profit.
• A partnership may hold title to real property in the name of the partnership with partners having an equal or an unequal interest in the property.

Trust

• A trust is an arrangement whereby legal title to property is transferred by the grantor (or trustor) to a person called a trustee, to be held and managed by that person for the benefit of the people specified in the trust agreement, called beneficiaries.

The first day of the Inspection Period is the day contract is executed.  The standard Inspection Period in Arizona is 10-days but is negotiable.  This is your chance to perform your "due diligence" by investigating any aspect of the property that is of concern to you.

The most common investigation that is performed is a Home Inspection. The home inspector will evaluate the structural condition of the home along with the condition of most of the components on the property.  Following the actual home inspection the inspector will discuss any defects that were found and explain any foreseeable future maintenance issues that the property might have.  Typically, a full-color narrative report will be provided by the inspection company that details everything that was inspected and what condition those things were found to be in.  This report serves as a valuable tool in negotiating any repairs the buyer wishes to ask the seller to make to the property.

We work with an excellent inspection company if you do not already know of a reputable one yourself.  You can view a sample of one of their Inspection Summary Reports  in PDF format by clicking Clicking Here (this is the smaller version of the full report that shows only items in need of repair)  The home inspection does not cover termites but the inspection company we work with can take some of the work out for you by getting the termite inspection ordered for the same day with a pest control company that they associate with.

The Inspection Period is also a time for you to further research the neighborhood and the surrounding areas. The title company will order and provide you with a copy of the Community CC&Rs and the HOA Rules and Regulations if there is a home owners association .  This is also a good time to further research the nearby schools, if of importance to you.  Please refer back to the Arizona Buyer Advisory for a more detailed description of everything you want to be mindful of during this 10-day period.

Once all inspections have been complete, and if the property is not being purchased AS-IS, the buyers must decide if they would like to request any repairs to be made by the seller.  This request is covered in a standard 2-page form used in conjunction with the purchase contract known as the Buyer Inspection Notice Seller Response (BINSR or pronounced BINZER by most real estate agents).  Certain items are known as "warrantable items" and must be repaired by the seller per the original purchase agreement and are listed in a special section on the BINSR.  Other items that are not covered as warrantable, should the buyer decide to request them to be repaired, are also listed on the BINSR for review by the seller.  Once the form is submitted to the seller they can either agree to make the repairs, disagree to make the repairs, or respond with a description of the repairs that they are willing to make along with which ones they are not.  Once the BINSR comes back to the buyer they have only two choices; either accept the seller's response or they cancel the contract.  There is no going back and fourth like there can be in the initial contract negotiations. It is, therefore, very important to work with an agent that stays involved and keeps an open line of communication going with the seller's agent in order to better negotiate throughout the escrow period.  This is exactly where we come in. 

Another thing to be mindful of, if you are using financing to purchase the property, is that the contract only has a 5-day appraisal contingency period.  We work closely with lenders to make sure they receive a copy of the executed contract right away so they can get the appraisal ordered.

If you have any questions regarding the inspection period or anything else, please Contact Us. You may also complete the Buyer Form by clicking here and providing your information so that we can start working to get you a great deal on a solid property.

Once the Inspection Period has ended and the BINSR has been negotiated you are then on your way to closing the real estate transaction. However, there are still many activities that need to be performed in between the inspection period and the close of escrow.

At this time the title company should have already completed the title search and determined that the property has clear title. They have also begun preparing the necessary documents to transfer title to the new owners.  There are several ways to hold title in Arizona as previously mentioned.

If you are financing property you will want to make sure that you have provided your loan officer with all the necessary documents that they will need to get the loan through the underwriting process.  The banking industry has changed a lot in the last couple of years so working with a lender who has kept themselves "in the loop" and who will keep you "in the loop" during the transaction is very key.   Most buyers do not realize that in accordance with the contract loan documents are required to be at the title company 3-days prior to the close of escrow or the buyer will be in breach of contract and could risk loosing the property. 

As we stated, if you do not have a person you can trust to provide you with financing we have several contacts that we can recommend.  Please Contact Us or complete the Buyer Form here so that we can forward you that information.

Another thing you will want to take care of before the closing will be obtaining a homeowners insurance policy. Most of the time, unless you have a preferred company, your loan offer can get the insurance set up for you.Another important thing, if you looking forward to moving into your new home right away, is to identify the utility companies that provide service to the property and call them to set up a switch of service from the current owners account to an account that you establish on the close of escrow date.

Okay, we're almost there.  It's now three days prior to the close of escrow date, the loan documents are at the title company (if you're using financing) and the listing agent has informed us that all repairs have been made to the property.  It is at this point that we take the buyer to the property for the "final walkthrough."

During the final walkthrough it is important to make sure that the property is in the same condition as when the offer was made.  Theft has become common with the large amount of non-occupied bank owned properties in the Phoenix Area so it's important to make sure all appliances are still in place and there hasn't been any vandalism to the property.  At this time the buyer should also inspect any repairs made by the seller and assure they were done to their satisfaction.  We always try and request receipts for any repairs made, as often times any warranty for such repairs are transferable, but that is not always possible.

If everything checks out with the home then the buyer will be sign a walkthrough form saying that they accept the property in the condition that it is in.  If the seller has not completed any repairs to the buyer's satisfaction, or if anything else is wrong with the property,  we will then issue what is called a "cure period notice."  This is a standardized Arizona real estate form that gives the other party 3-days to correct any defects.  If any such defects are not corrected within 3-days the receiving party of the cure notice is then in "breach of contract."  Once in breach the party that served the cure notice can choose to cancel the contract if no other resolution can be made.

If using financing, in accordance with the Arizona real estate purchase agreement, all loan documents must arrive from the lender to the title company no later than 3-days prior to the close of escrow date. Since this stipulation was added to the contract in 2005 closing delays have been greatly reduced.  Usually the two parties (buyer/seller) will go separately to title company to sign any necessary documents 

Once all the documents have been signed the title company will send the signed documents to the lender. Once the lender has approved the documents they will then send a wire transfer of funds to the title company. The title company will then send a wire transfer to pay off the balance of any loan(s) that the seller might have out on the property and issue a check or wire to the seller for any remaining balance. Once this has been done, the title company will then release the title transfer to be recorded at the county recorders office.

Once "released to record" the actual recording will usually take up to a few hours.  If title does not get released to record until later in the day then the official recording may not take place until the following business day.  Once officially recorded the property is then said to be "funded and recorded" and it is at this time that the transaction has officially closed.   It is also at this time that the buyer will get the keys to their new home.

We are happy to say that we have had the opportunity to see this process come to a successful close many times and usually without any major bumps in the road.  We are agents that truly enjoy helping people find the perfect home and further help throughout the transaction all the way until the close.  We pride ourselves in the quality of our work.. Patience is an important part of this business and we have plenty of that as well.  From assisting someone who is relocating to Arizona, a first-time home buyer, or someone wishing to purchase a beautiful vacation home to come to during our amazing winters,  whatever it is, we are more than happy to help.

If you would like us to assist you in the purchase in one of these fine golf communities, or anywhere in the Phoenix Valley, please click here to Register as a Buyer