| The most important step in purchasing a home | | | | on the property by the seller is also |
| in the State of Arizona is by choosing a | | | | required. The purchaser should also engage an |
| lending agency that will loan money on terms | | | | attorney, a real estate title company or a |
| that will cut costs without cutting corners. | | | | title and trust company to search for |
| The purchaser should get a pre approved and | | | | possible defects in title recorded in public |
| pre qualified credit rating. This will enable | | | | departments or courts. The American Land |
| the purchaser to have the necessary | | | | Title Association has a list of approved |
| documentation to submit to the best lending | | | | title search companies for the reference of |
| agency that will give the best deal. Once the | | | | the purchaser. Possible title defects will |
| purchaser has assessed credit worthiness it | | | | include implied easements arising out of |
| is important that a Realtor be hired. The | | | | necessity and liens arising out of unpaid |
| Realtor will be able to give the purchaser | | | | taxes, money due on judgments and unpaid |
| the best options in the home hunt. A Realtor | | | | mechanics or workers. The purchaser should |
| who is a member of the National Association | | | | buy a title insurance policy which usually |
| of Realtors will have access to the multi | | | | has a one time premium to insure the property |
| listing service provided by the association. | | | | against any possible but unseen title claims. |
| The multi listing service will help the | | | | A list of amenities and other portables that |
| purchaser choose a home according to his | | | | are being sold with the house is also |
| budget and according to his needs. When the | | | | required. Mortgage companies require |
| purchaser identifies the property an offer is | | | | ownership and encumbrance reports to ensure |
| made to the seller in an Arizona State | | | | that the property is adequate security for |
| Approved Purchase Contract formatted | | | | the amount loaned. The mortgage company will |
| document. The seller is given time to answer | | | | approve the title report within 5 days of |
| the offer and is required under the laws of | | | | receipt. The purchaser can then deposit the |
| the State of Arizona to give full disclosure | | | | down payment or earnest money to the seller. |
| of the defects and possible hazards of the | | | | The purchaser is required to change the names |
| property with regard to location structure | | | | in all utility connections 3 to 5 days before |
| and the like. When the seller accepts the | | | | the closure of the contract. On the date of |
| agreement and signatures of both parties are | | | | closure the purchaser should bring |
| affixed, the agreement becomes a binding | | | | identification papers such as a driving |
| purchase agreement. The purchaser will now | | | | license and a home owners insurance with the |
| conduct inspection of the property by | | | | proof of one years paid premium and any other |
| engaging approved inspectors for defects in | | | | documents required by the lender company. |
| structure, pest control, radiation and lead | | | | Once the deed is signed the transaction is |
| paint usage. Inspection of sewer facilities | | | | closed and the purchaser has purchased a home |
| and an evaluation report of improvements made | | | | in the state of Arizona. |