Page 21 - AZ Home Guide

THE BUYING PROCESS

HOMEBUYER

• Compare Lenders, Determine your Budget, & Get Pre-Qualified
• Choose a REALTOR ®
• Tour Properties, Choose a Home, Write and Present your Offer
• Terms are Negotiated and/or Offer is Accepted
LOAN
• Chosen Lender Verifies Buyer’s Income, Credit, Stability, and Assets
• Contingency Period
• Real Estate Transfer Disclosure
• Physical/Pest Inspection Completed
• Appraisal Ordered and Completed
• Provide Proof of Homeowner’s Insurance Coverage
• Loan is approved

PIONEER TITLE AGENCY - ESCROW OPENED
• Accepted Contract Received, Escrow Opened, Title Search and BUYING
Preliminary Report Ordered UNDERSTANDING THE
• Conduct Search on Property: owner’s of records, liens, etc. HOME WARRANTY
• Conduct Search on Buyers and Sellers: liens, divorces, etc.
• Review for Clouds on Title
• Buyer Deposits Earnest Money in Escrow A home warranty can be purchased by a Buyer or Seller
• Escrow and Title Fees are Sent to the Lender to cover many mechanical, electrical, and plumbing
• Initial Title and Escrow Instructions Sent to Buyer and Seller for systems as well as some appliances. Many Sellers choose
Completion to purchase a home warranty plan to:
• Home Warranty is Ordered • Cover repairs that may arise while the house is on the
• Review Closing Documents Before Closing Appointment market

PIONEER TITLE AGENCY - CLOSE OF ESCROW • Provide reassurance for Buyer’s
• Loan Documents are Sent to Pioneer Title Agency and Signed • Avoid disputes with the Buyer for repair and/or
• Title and Escrow Documentation is Signed replacement of covered items
• Down Payment and Closing Costs are Submitted to Escrow Most home warranties are paid at the close of escrow for
• Lender Submits Funds to Escrow for Disbursement the upcoming year. It can be renewed by the Buyer on
• Deed is Recorded and Escrow is Closed an annual basis moving forward.

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