The following information may be useful to you before or during the process of puchasing your new home. Purchasing vacant land in Arizona involves careful research and planning. Contact Ken for a new article on tips for making a land purchase. Following are some other articles that will help to make your real estate purchases go smoothly:
Buying Your New Home | Taking Title | Prescott Area Domestic Water Supply
When writing an offer to purchase a property, you will generally need to include a personal check, cashier's check or cash (known as earnest money). This represents your sincerity in the attempt to purchase and is totally refundable if the offer is not accepted. An earnest money deposit of at least $1,000-$2,000 is usually required. This money is generally kept in the trust fund account of the real estate company and is not turned over to the seller, or you can make it out to the title company. In either event, it will be cashed within 24 hours upon acceptance of this offer, by law.
Once the purchase agreement has been accepted by the seller, a lending institution will be contacted to process a new loan, if necessary. I will assist in determining which reputable lenders offer the most favorable financing terms at the time of the sale.
The loan officer will ask you to fill out an application:
If applying for a VA loan, please bring a copy of your DD-214, Discharge Papers, or VA certificate of eligibility.
If you have a pending sale on your present home, bring a copy of the contract, and estimated proceeds from the sale.
Be prepared to account for the source of funds of your down payment and closing costs.
If rental property is owned, furnish a copy of the lease.
If self-employed, bring federal tax return, profit and loss statements, and balance sheet for the last two years.
Alimony and child support information (divorce decree for verification) may be required.
If a relocation form has purchased your home, bring a copy of the contract and equity statement.
Escrow will be opened at a title company. An escrow is an arrangement in which a disinterested third party (title company) holds legal documents and funds on behalf of buyer and seller, and distributes them according to the buyer's and seller's instructions.
You will be asked to name an insurance agent as a policy will be necessary prior to closing escrow.
The escrow agent will provide you with an approximate dollar amount that you will need prior to the close of escrow.
If you plan to close escrow by mail, please be sure to allow plenty of time to mail all documents so they arrive at the title company before escrow is scheduled to close.
Before moving in, be sure the utility company has been notified and deposits made, if necessary.
Don't forget the telephone company. Sometimes it takes several weeks for hookup.
Monies required at the close of escrow (down payment, closing costs, etc.) should be in the form of a cashier's check. Personal checks will not be accepted. A wire transfer can be arranged with the escrow agent.
When all the necessary papers have been signed and the monies received, the documents are recorded. The escrow officer will make the necessary disbursements and do all the closing papers. Once documents have been recorded, title to the property (ownership) has changed hands.
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