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Steps in a Typical Real Estate Transaction in Arizona

Typical Steps in a Real Estate Transaction in Arizona

  1. Seller Lists Their Home for Sale.
  2. Seller’s House is Shown by Multiple Different Local Real Estate Agents.
  3. Seller Receives Offer From Buyer.
  4. Seller Reviews Offer and Either Accepts or Creates a Counter Offer.
  5. Buyer Reviews Counter Offer and Either Accepts or Creates a Counter Offer.
  6. Every time a Counter Offer is Made it Creates a New Contract That Requires Both Parties Signatures.
  7. Once a Contract is Agreed Upon and Signed By Both Parties Escrow Can Be Opened.
  8. Buyer’s Earnest Money is Deposited into Escrow Account.
  9. Title Company Starts Preliminary Document Preparation.
  10. Buyer Will Perform All Inspections Within 10 Days.
  11. Buyer Has Option to Request Repairs Be Made or Credit for Repairs Given or Can Cancel Contract.
  12. Seller May Complete Requested Repairs, Offer Credit for Repairs or Cancel Contract.
  13. Buyer Down Payment Funds Will Be Verified.
  14. Buyer’s Financials Will Be Fully Vetted.
  15. Bank Will Order Appraisal.
  16. Loan Will Be Conditionally Approved.
  17. All Title and Escrow Documents Will Be Completed.
  18. Seller Will Sign Deed and All Closing Documents.
  19. Buyer Will Pay Down Payment and Closing Costs.
  20. Buyer Will Sign All Loan and Title Documents.
  21. Deed Will Be Recorded.
  22. Seller Will Be Paid .
  23. Buyer Will Receive Keys To Their New Home.