Typical Steps in a Real Estate Transaction in Arizona
- Seller Lists Their Home for Sale.
- Seller’s House is Shown by Multiple Different Local Real Estate Agents.
- Seller Receives Offer From Buyer.
- Seller Reviews Offer and Either Accepts or Creates a Counter Offer.
- Buyer Reviews Counter Offer and Either Accepts or Creates a Counter Offer.
- Every time a Counter Offer is Made it Creates a New Contract That Requires Both Parties Signatures.
- Once a Contract is Agreed Upon and Signed By Both Parties Escrow Can Be Opened.
- Buyer’s Earnest Money is Deposited into Escrow Account.
- Title Company Starts Preliminary Document Preparation.
- Buyer Will Perform All Inspections Within 10 Days.
- Buyer Has Option to Request Repairs Be Made or Credit for Repairs Given or Can Cancel Contract.
- Seller May Complete Requested Repairs, Offer Credit for Repairs or Cancel Contract.
- Buyer Down Payment Funds Will Be Verified.
- Buyer’s Financials Will Be Fully Vetted.
- Bank Will Order Appraisal.
- Loan Will Be Conditionally Approved.
- All Title and Escrow Documents Will Be Completed.
- Seller Will Sign Deed and All Closing Documents.
- Buyer Will Pay Down Payment and Closing Costs.
- Buyer Will Sign All Loan and Title Documents.
- Deed Will Be Recorded.
- Seller Will Be Paid .
- Buyer Will Receive Keys To Their New Home.