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I’m in Arizona… I’ve accepted an offer… Now What?

J. Andrew English J. Andrew English

What happens next? I’ve signed my name on the dotted line…

The first thing that needs to happen is you want to ensure the escrow is opened within 1 business day. To open the escrow, any party to the transaction needs to get a fully signed contract to the escrow officer. You can walk it into their office or email the documents. In addition, the buyer must deposit the earnest money with the title/escrow company. This should happen within 24-48  hours of acceptance of the offer. As a seller, you can confirm the earnest money has been deposited through the earnest money receipt provided by the escrow officer.

Once the escrow is open and the EMD is deposited, you want to ensure you have the SPDS to the buyer or their agent no later than 5 days from acceptance. The term SPDS simply refers to the seller disclosures. As of this blog posting, you want to use the updated 2017 version. You can find these and download these at anytime through our private client area by clicking on State Files. Once you provide these to the buyer or their agent, they will review and they should initial and sign the SPDS AND return a copy to you. It is very important you have a signed copy from the buyer. The next step is the CLUE report. Essentially, this is a 5 year claims history on the property concerning insurance. It tells the buyer if the seller has made an insurance claim on the property over the specified time period. A CLUE report can be obtained online or you can contact your insurance provider and let them know what you need. Claim reports are almost always free from your insurance provider and you can get them within about 2 days of requesting. At this time, it’s also necessary to provide your buyer with any other agreed upon disclosures per the purchase contract that you signed. For example, this could include the LBP disclosure, mold disclosures, etc…

From that point, you are on your way to the inspection and BINSR period. We will update the blog to go over the BINSR in our next posting.

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