Prescott Valley Arizona Real Estate Home Buyers Center.

Prescott AZ Real Estate Closing Documents

April 9th, 2007

Although the following list has many of the documents listed that the escrow officer will be verifying and collecting, it is by no means an exhaustive list of closing documents.

10 Typically Found Closing Documents

• The deed - The deed is best known as the href="http://en.wikipedia.org/wiki/Deed">method of transferring title to real estate from one person to another. The seller will deliver this document as it is specified in the sales contract.
• Current receipts - these are provided by the seller to show the Arizona real estate taxes, Yavapai county real estate taxes, city taxes, utility bills and other property expenses have been paid.
• Property inspection reports - these are provided by the seller covering termite inspections, septic systems and the such (each government agency had different requirements depending on the location of the property)
• Lien releases - these are provided by the seller and show the release of liens and easements that are attached to the property
• Bill of sale - this document is used to transfer any personal property that may be included in the sale of the real estate (always use a bill of sale for anything that is not real property “real estate”)
• Loan documentation - your lender will provide various loan instruments to be signed by you and that will be annotated and verified by the escrow agent
• Survey - in most cases buyers are required by the lender to obtain a current survey
• Homeowner’s insurance policy - it is often times a requirement, per the terms of the loan documentation that the buyer is adequately insured for the loan
• Title insurance - if it is required per the terms of the sales contract, the seller may need to provide an owner’s title insurance policy or other evidence of title, such as an abstract. If the lender requires it, the buyer may need to acquire a lender’s title insurance policy
• Certificate of occupancy - if the property that is being purchased is new construction, or if there have been improvements made which require a certificate of occupancy by the local government agency, this document may be required.

All in all, most of the documentation that you will come in contact with during the aquirement of your new real estate investment (whether it’s going to be your personal home or for portfolio purposes) will be handled by different professionals that will be working with and for you during this process. However, it’s very important that you understand the documents that you are approving and OKing with your initial or signature.

In closing, attempt to make it here to Prescott so you can drive through neighborhoods, the local highways and other areas in order to get a sense of the beauty of Prescott.

Entry Filed under: Prescott Arizona AZ Real Estate Market