Understanding the Escrow Process
When buying or selling a home in Tucson, Arizona, understanding the escrow process is essential. Whether you're looking at a condo for sale in Tucson, purchasing new construction homes, or selling a property in Catalina Foothills Tucson, this critical phase protects both parties and ensures a smooth transaction.
At Keller Williams Tucson AZ, especially with the Stratton Group Keller Williams, we help homebuyers and sellers navigate this journey with clarity and confidence. Below is a simplified, step-by-step guide to help you understand the escrow process — whether you're a first-time buyer, downsizing into a condo for sale Tucson AZ, or relocating to one of the new home developments in Tucson AZ.
Step 1: Earnest Money Given to the Title Company
The process starts with the buyer submitting earnest money to the title company. This shows a genuine commitment to the purchase and is typically a percentage of the purchase price. If you're browsing houses in Tucson or exploring listings like houses for sale Tucson Arizona under $200K, know that earnest money helps solidify your offer.
Step 2: 10–14 Day Inspection Period
The buyer hires a professional inspector to review the home. From new homes Tucson under $200K to luxury properties in Catalina Foothills, a thorough inspection helps uncover issues before closing. Common inspections include general home, roof, and pest evaluations.
Step 3: Buyer’s Repair Requests
If the inspection finds issues, the buyer may submit repair requests. Whether you're buying a new construction home in Tucson or an older property, this step allows for negotiation and can affect the final terms of sale.
Step 4: Seller’s Response & Buyer’s Election
The seller reviews the repair requests and decides whether to accept, reject, or negotiate. Once the response is in, the buyer elects to move forward or walk away. Our experienced Tucson real estate agents can guide you through this critical decision.
Step 5: Appraisal Ordered by Lender
The lender arranges an appraisal to determine the market value of the home. This is crucial if you're financing a home — whether it’s a house for sale under $200k in Tucson AZ or a new build Tucson property.
Step 6: Buyer’s Final Loan Approval
After appraisal, the buyer completes any final steps to secure their mortgage. This might include additional documentation or clarification of finances. Working with a knowledgeable real estate agent in Tucson AZ can help ensure this goes smoothly.
Step 7: Final Walkthrough & Signing
Before closing, the buyer conducts a final walkthrough to verify that repairs have been made and the home is in acceptable condition. Then both parties sign the final documents.
Step 8: Close of Escrow
Once everything is in place, the transaction closes. Funds are transferred, documents recorded, and ownership officially changes hands. Whether you found your dream home through Zillow Tucson, Tucson AZ homes for sale Zillow, or via one of the top real estate agents in Tucson, this is where the deal becomes reality.
Conclusion: Let the Best in Tucson Guide You
Navigating the escrow process can be complex, but when you're working with the Stratton Group at Keller Williams Southern Arizona, an A+ rated Better Business Bureau company, you're never alone. Our team of top real estate agents Tucson AZ and best realtors in Tucson Arizona will walk you through each step — from your first search on Tucson Zillow to signing the final documents.
Whether you're a seller looking to list your home or a buyer searching for houses for sale in Tucson Arizona, new home builders Tucson, or websites for homes for sale, we’re here to help you succeed.
