Sun Lakes is just one of dozens of Active Adult Communities in the Greater Phoenix Metropolitan area. To see a list I have put together for you, just touch on Active Adult Communities. Then you can go to my Home Search Page to select the city you might be interested to see and learn about the homes for sale in these different Active Adult Communities. I have specified the Home Search PageCustom Search (Note: These searches are pre-set to Active Adult Communities only). I am active in the Active Adult Communities in the Southeast Valley (including Sun Lakes, Sunbird, Springfield, Solera Chandler, Trilogy and Solera Johnson Ranch) but don’t be concerned if you pick another area because I have researched and created relationships with the best agents working Active Adult Communities in all areas. To open a second browser so that you may switch back and forth between windows if you would like to check out different areas. Or you may create your own

With regard to purchasing a home in one of our Active Adult Communities, I thought I would outline the process for you briefly as it may differ from where you live. Once the Buyer finds a property they have determined they would like to purchase, the agent will create and negotiate a Real Estate Purchase Contract. If the Buyer is not paying cash for the property, a Loan Status Report will need to be obtained from a lender showing that the Buyer is qualified to purchase the property. Also, an Earnest Money Deposit will need to be obtained from the Buyer and held by the agent until the contract is negotiated. The amount of the earnest money deposit is typically 1% of the contract price though it may vary depending upon market conditions and motivation. The earnest money is refundable during the first ten days of the contract or if the Buyer dies prior to close or if s/he does not qualify for the loan.

In addition to the contract, there are a number of other papers which the Buyer will be asked to sign including: an Agency Disclosure and a Homeowner’s Association Addendum. In addition to the required disclosures, the Buyer will receive a Buyer Advisory which has all kinds of information regarding the purchase of real property in Arizona and how to research many aspects of the neighborhoods, schools, etc. The Buyer signs a receipt for this document and takes it home for research to insure this is the area they wish to proceed with. Finally, within 3 days of the offer being accepted, the Buyer will receive through the Buyer’s agent, the Seller’s Property Disclosure Statement which is the Seller’s declaration of the condition and the systems within and around the property.

If the Buyer determines to get a loan on the property, s/he has five days after loan acceptance to determine the lender and submit a completed application. The Loan Status Report allows both agents to track the progress of the loan through the contract period. Also, the Buyer should receive a Good Faith Estimate from the lender within three days of loan application.

Once the contract has been negotiated, the contract is submitted along with the earnest money to escrow. Arizona is an escrow state which means we don’t use attorneys to close or meet at a big table to exchange checks and deeds. Escrow is an independent third party, usually operated by one of the title companies which handles all the paperwork and insures that the contract is followed by all involved.

After the contract has been accepted, the Buyer has 10 days to get a Property and Termite Inspection and submit it to the Seller with a request for repairs using a Buyer’s Inspection Notice and Seller’s Response. During this 10 day period, the buyer can make any inspections desired at his/her expense. If the Buyer determines s/he is not happy about the condition of the property, the neighborhood or whatever, the Buyer may ask the agent to cancel the purchase agreement and the escrow and return the earnest money. Also, during this Inspection Period, the Buyer should receive the Covenants, Conditions and Restrictions along with the Rules and Regulations, the Architectural Guidelines and the Operating Budget. The Buyer has five days from receipt to approve this package. This is a condition of the contract as well so, if the Homeowner’s Association Package arrives late and the Buyer disproves of anything is this package, the Buyer may elect to withdraw from the contract and reclaim the earnest money deposit.

Once the Buyer and Seller have agreed upon the repairs to be done, the Seller has up to three days prior to escrow to get these completed. A Final Walk-through Inspection, made by the Buyer of the Buyer’s agent or representative, will verify that all agreed upon work was done in a workmanlike manner.

During the contract period (usually 30 days), escrow collects all the needed paperwork, has the title company verify and insure the title, coordinates and mortgage documents with the lender, gets the transfer deed prepared and signed by the Seller collects the down payment from the Buyer. When the lender is ready to fund and it is time to close, escrow distributes the funds and records the title at the county recorder’s office.  Once this is done, the escrow closes the transaction by distributing all the necessary paperwork and the Buyer receives the keys and other personal property from the agent.

That is my summary of the real estate transaction in Arizona. It’s really not as complicated as it sounds as I lead my clients all the way through. It’s really a very smooth and painless transaction. I look forward to serving you!