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 #1 – What 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:
- 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
- Conditions/Disclosures Addendum
- 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.
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The Arizona Department of Real Estate’s website has additional information for Tucson Home Buyer & Seller questions.