The Process for Canadians to Purchase Homes in Arizona

Arizona home buying – Quick reference guide of timelines and procedures

The quick reference guide below is a great little summary!

The following is a quick reference of the timelines and procedures of a Real Estate Closing in Arizona.

Prior to submitting a contract to purchase a property you will want to have your financing secured and documented.

If you are obtaining new financing an LSR and/or bank approval letter should accompany the purchase contract. If you are securing financing otherwise and purchasing the property cash then a Proof of Funds letter should accompany the contract.

Unless the terms of the contract specify differently –

Once the contract is accepted Earnest Money, ranging from $1000 – $5,000 depending on the sales price, is deposited to the Escrow Company. This can be done by wire* or check.

The 1st 10 days after contract acceptance is the inspection period. Before the end of your inspection period you will submit a request for repairs (if any) to the Seller or notify the Seller of items you disapprove of, cancel the contract and retain your earnest money. The document used during the inspection period is called the BINSR (Buyers Inspection Notice and Sellers Response). Once you submit the BINSR to the Seller with the list of repairs you are requesting, the Seller then has 5 days to respond to your request. You will then have 5 days to approve or disapprove their response. In the event you disapprove their response you may cancel the contract and retain your earnest money. Please note there is only one submission of the BINSR so you will want to make sure all of your inspections are done prior to sending your request to the Seller.

Upon opening escrow, the Title Company will send a copy of the preliminary title report for your review (usually sent within the 1st week of escrow). You have 5 days to review and cancel if there are items disapproved.

If the property is in a subdivision with a Homeowners Association, the Escrow Company will request the Association’s Management Company to send their disclosure package to you for your review. This may be in the form of a booklet or CD/DVD. Per the contract you have 5 days after receipt of this information to cancel if there is an item that you reasonable disapprove of.

Once in a position to do so, the Escrow Company will send docs to you to have signed, this is usually within a week of Close of Escrow but varies depending on circumstances. There may be documents to have notarized. This will include the closing statement with the breakdown of the closing costs and the amount the Escrow Company will need from you to close and record.

Funds for closing should be deposited with the escrow company in enough time to allow escrow to close. If Funds are being wired* it is usually suggested to have the wire send a day or two before close of escrow to cover any delay due to processing.

* When sending a wire from a Canadian Account it is usually suggested to add an additional $50-$100 to cover any conversion fees that may apply. Any overages deposited in the transaction will be refunded to you at close of escrow.

Joyce Corsi Hazen, REALTOR, SFR, CNE

Long Realty Arizona Properties, Cell: 602-284-9822

http://www.JoyceHazen.com


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About Joyce Hazen, REALTOR, CIPS, CNE, SFR

An Arizona and Greater Metropolitan Phoenix Realtor, I am a full service professional with an International Designation, CIPS, who works with Buyers, Sellers & Investors all around the world. I have experience in both the residential and commercial communities. In addition, as a Certified Negotiation Expert I work my hardest to utilize my negotiation skills to benefit all clients. I also speak French, English and Italian. Originally from Canada, having moved to the Valley in 2000, I pay special attention to your personal individual needs and desires, to find you the home, land, or building that you’ve been dreaming of. Real Estate has given me the privilege of working with so many wonderful people and with my knowledge, tools and skill set I have been fortunate to realize that individual needs change from person to person, business to business, culture to culture, and that every request is important to you. For that very reason, when I embark on a journey, I work closely with you, whether you are buying or selling a home or commercial space, whether it is a tradition sale, short sale or foreclosure. I will help you as I am highly motivated, results driven and have taken time to research the marketplace, trends and opportunities to know how to best serve you. With my experience, culture and languages, you can rest assured that your best interests are my priority. I will help you find the home or property of your choice and professionally negotiate on your behalf. It is for these reasons that so many of my clients refer me to their friends and families. The Valley of the Sun has been one of the fastest growing U.S. metropolitan communities, Phoenix has grown tremendously over the past couple decades. Financial Institutions are working with Americans, offering terrific mortgage deals, as well as with foreign investors who are interested in purchasing second homes… the opportunities are endless. My mission and goal is to provide you with superior service. Welcoming new residents to Arizona including Americans and International clients who want to relocate permanently, a home away from home or to escape cold winters, is a pleasure! I enjoy meeting new people and always set my goals high and strive to achieve them. If you’re ready to search for the perfect property, I am here to show you the very best homes that meet your criteria.
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