Tucson Home Buying Process FAQs

What To Know About The Tucson Home Buying Process 

Answers To The Top FAQs About The Tucson Home Buying Process

Tucson Home Buying Process - FAQ'sTucson Home Buying Process FAQ #1What is title insurance?

Title insurance protects the buyer of a home against loss of the property.  A loss may occur due to defects in the title.  Various liens, encumbrances, adverse claims may not have been disclosed before date of policy.

Tucson Home Buying Process FAQ #2 – What is a wood-destroying organism inspection report?
A wood-destroying organism inspection is called a Termite Inspection in Tucson.  A Termite Inspection report is a written opinion by a licensed inspector.  The report details any visible signs of termites evident at the time of inspection.

The inspection report does not or guarantee the structure to be free from wood-destroying organisms.

Wood-destroying organisms include subterranean termites, dampwood termites, carpenter ants, wood boring beetles and wood decay fungus.

Tucson Home Buying Process FAQ #3 – What are the hazards of lead-based paint?
All buyers and sellers are required by law to receive and read a pamphlet outlining the hazards of lead-based paint for homes built before 1978.

Be sure to ask your real estate agent for a copy.

Tucson Home Buying Process FAQ #4 – What are closing costs?
Closing costs are charges paid when buying or selling of real estate.  For sellers, closing costs are 2% to 3% of the total sales price of a property.  Real Estate commissions paid to an agent are additional costs.

Closing costs include items such as discount points on a loan, escrow fee, documentation fees, pre paid homeowners’ association fees and title insurance premium.

Tucson Home Buying Process FAQ #5 – What is the difference between “pre-qualified” and “pre-approved”?
If a buyer is “pre-qualified” it has been determined, by a loan officer, what price the buyer can afford.  A “pre-qualification” will be based on the down payment, debts and the amount the mortgage company will approve for the mortgage.

Being “pre-qualified” is only a determination of probable credit.

When “pre-approved”, the buyers credit, employment and funds have been approved by the lender.

Tucson Home Buying Process FAQ #6 – What should a home inspection include?
Every inspection should include, but not be limited to, an evaluation of the following:

1. Foundations
2. Roof
3. Heating and air conditioning systems
4. Ventilation
5. Common areas (for condominiums)
6. Septic tanks, wells or sewer lines*
7. Insulation
8. Plumbing and electrical systems
9. Ceiling, walls and floors
10. Doors
11. Hazardous materials concerns*

* There may be an additional fee for this.

What property details are usually included by Listing Services?
Usually, properties listed will include the following details:

  • Location
  • Photograph
  • Price
  • Utilities
  • Amenities
  • Annual property tax
  • Current financing (when assumable)
  • Listing company

Tucson Home Buying Process FAQ #7 – What pages are generally included in the Purchase and Sales Agreement?

  • Agency Disclosure
  • Financing Addendum/Clause
  • Earnest Money Receipt
  • Inspection/Clause
  • Conditions/Disclosures Addendum
  • Contingency
  • Addendum Outlining Special Conditions
  • Lead-Base Paint Notification
  • Property Disclosure Form (completed by Sellers)

Tucson Home Buying Process FAQ #8 – What does the designation – REALTOR®  – mean?
REALTOR® identifies real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics.

Not every real estate agent is a REALTOR®. A REALTOR®may be an appraiser, property manager or involved in some other aspect of the real estate business.

There are many Tucson Neighborhood homes to choose from and Rita Ranch homes are popular with young families.

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Tucson Home Buying Process FAQs was last modified: July 7th, 2014 by ben4wp

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The Arizona Department of Real Estate’s website has additional information for Tucson Home Buyer & Seller questions.

Tucson Home Buying Process FAQs was last modified: July 7th, 2014 by ben4wp

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