Unforeseen problems can arise during escrow, and closing dates are never set in stone! Lenders, appraisers, title attorneys, credit check services, or anyone who is involved in the transaction could potentially delay a closing. Stay in close touch with your real estate agent, who will notify you of deadlines and help you deal with delays.

Well-written sales contracts are the key to avoiding problems during escrow. For example, provisions can be included in the agreement that require the buyer to provide evidence of sufficient funds for down payment and closing costs, or to present proof of the ability to obtain homeowner's insurance. Because of new restrictions on insurance policies, the mortgage lender may require insurance before funding the loan.

There is also a section in the sales contract wherein the seller makes a warranty to the buyer of the condition of the property. It is important to make sure that this clause is modified to reflect the seller's transfer disclosure statement. If this is not done, the seller could be required to repair items that are found to be dysfunctional or faulty, and this could add time to the escrow period.

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Gary, Deborah or Sally
Realty Executives Northern Arizona
611 S. Beeline Highway
Payson, AZ. 85541
Phone: 928-970-1584
Toll Free: 888-872-9766
Cell: 928-978-0063
Fax: 888-842-1919
Email: info@paysonproperties.net

Sally Cantrill is an Associate Broker, a Multi-Million Dollar Producer, a Graduate Realtor Institute designations (GRI), a Certified Residential Specialist (CRS), has many years of contract negotiation experience, 11+ years of real estate & investment experience and I always offer personal dedication to my clients.