Having Friedman Realty Associates in your corner when an offer on your home is submitted is especially important in negotiations. Price, closing date, occupancy date, inclusions, exclusions, and home warranty are many of the typical negotiation points. Using our experience & knowledge we get satisfying results for you. As a smaller office, we have our Designated Broker, Ted Friedman, with over 30 years of full-time, consecutive years in the real estate trenches, involved and/or available for consultation in key aspects of all of our negotiations.
We immediately arrange for the seller to update their Seller’s Property Disclosure Statement (SPDS) and to order an insurance report (the CLUE Report) indicating whether or not there have been any insurance claims on the home in the past five years. These are provided for the buyers’ review.
Inspections will be conducted by inspectors hired by the Buyer. The main one is the whole-house inspection (the inspection), including a pool or spa on the property. In metro Phoenix there is typically also a termite inspection. Other types of inspections could include a mold inspection.
An appraisal will be ordered by the buyer’s lender, if the buyer is financing the purchase of the home. When paying cash, a buyer may or may not decide to have an appraisal but we do encourage having one. Inspections and the appraisal are paid for by the buyer.
Several days prior to Close of Escrow the buyer returns for a final inspection to determine that the home is in as good a condition as at the beginning of the purchase process and that any repairs that were done, per the inspection, have been completed.
Before the home is legally transferred to the buyer, the closing process must occur. During this phase, the buyer will sign the mortgage documents if he is getting a loan, pay closing costs, and sign various other legal documents. If paying cash the buyer will either provide a cashier’s check for the amount shown on the Settlement Statement or have the amount wire-transferred to the title company.
As the Seller, you will have some closing costs, to pay, either at the closing or covered from your proceeds from the sale. Because Arizona is an Escrow State, closings here are somewhat different than in many other states.
There are two main types of real estate closings. The more widely-known type of closing involves buyer and seller and other involved parties meeting at the closing table with the Buyer and the Seller signing the documents. The keys, property title, and money are exchanged. That event is known as “the closing”.
Arizona is an Escrow State. In an escrow state, everything takes place in advance of Close of Escrow. The Buyer and Seller each meet with the escrow officer individually (remote signing can be arranged if the Seller or Buyer is out of state or unable to meet with the escrow officer). Everything is completed in advance, whether days or hours in advance of Close of Escrow—signing of documents and submitting of funds (cashier’s check or wire transfer) to an escrow account. Close of Escrow takes place once the funds have cleared and the recording of the sale happens with the appropriate county (Maricopa County).
Call Friedman Realty Associates at 623-476-2491 with any questions or concerns you may have. We are always available and looking forward to helping you with any of your real estate needs!
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