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Critical Dates List

In a real estate transaction, critical dates are essential to ensure the smooth progression of the deal and to avoid any legal or financial complications. Here are the critical dates that buyers and sellers need to be aware of:

  1. Mutual Acceptance of Purchase Contract: This marks the official beginning of the transaction and triggers various subsequent actions.
  2. Earnest Money Deposit: The date by which the buyer needs to deposit earnest money into escrow, indicating their seriousness about the purchase.
  3. SPDS (Seller’s Property Disclosure Statement) Delivery to Buyer: The seller needs to complete and provide the SPDS to the buyer within a specified timeframe.
  4. Buyer’s Inspection Notice and Seller’s Response (BINSR): The deadline for the buyer to submit a notice regarding the inspection results, followed by the seller’s response.
  5. Loan Application Date: The date by which the buyer needs to apply for a mortgage loan to facilitate the purchase.
  6. Buyer Possession Date: The date on which the buyer gains possession of the property.
  7. Listing Start Date: The date the property is officially listed for sale.
  8. Listing Expiration Date: The date when the listing agreement expires, unless renewed or extended.

It’s crucial for both buyers and sellers to keep track of these dates to ensure that the transaction progresses smoothly and according to the agreed-upon terms.

  1. Critical Date Checklist for Realtors: Offers a checklist to manage important tasks and deadlines in a real estate transaction for both buyers and sellers.
  2. CRITICAL DATE LIST: A PDF document outlining critical dates including mutual acceptance, earnest money deposit, SPDS completion, and BINSR delivery in a real estate transaction.
  3. How to Manage All of Your Critical Real Estate Transaction Dates: Offers insights on managing and automating critical dates and milestones in real estate transactions.
  4. Stewart Critical Date Checklist: A checklist outlining critical dates such as possession date, listing start and expiration dates, and home sale contingency, published by Stewart Title.


Escrow Fees

The breakdown of escrow fees in Arizona can vary depending on the terms negotiated in the real estate transaction. However, here’s a general breakdown of common escrow fees paid by both buyers and sellers in Arizona:

Buyer’s Escrow Fees:

  1. Lender’s Title Insurance: The buyer typically pays for the lender’s title insurance policy. This policy protects the lender’s interest in the property and is a common buyer expense.
  2. Half of the Escrow Fee: In many cases, the buyer is responsible for paying half of the escrow fee. The escrow company acts as a neutral third party, handling the closing process and ensuring that all necessary documents and funds are properly transferred.
  3. Recording Fees: The buyer may be responsible for the recording fees associated with recording the new deed and mortgage at the county recorder’s office.
  4. Home Inspection and Appraisal Costs: While not technically escrow fees, the buyer often covers the costs of home inspections and appraisals during the purchase process.

Seller’s Escrow Fees:

  1. Owner’s Title Insurance: The seller typically pays for the owner’s title insurance policy, which protects the buyer’s interest in the property. This is considered a seller’s expense.
  2. Half of the Escrow Fee: As with the buyer, the seller may be responsible for paying half of the escrow fee.
  3. Real Estate Commission: This commission is negotiated
  4. Transfer Taxes: In some cases, the seller may be responsible for state or local transfer taxes. The exact amount can vary depending on local regulations and the purchase agreement.

It’s important to note that these are general guidelines, and the specific allocation of escrow fees can be negotiated between the parties involved in the real estate transaction. The terms are typically outlined in the purchase agreement or contract. Consulting with a real estate attorney, or escrow company specific to your transaction is essential for accurate and up-to-date information on escrow fee breakdowns in Arizona.

Please note that these fees and their allocation can change over time and may vary based on local practices and agreements between the parties involved. It’s advisable to consult with a real estate attorney to understand the current details for your particular transaction.

HOA Fees

In Arizona, the responsibility for Homeowners Association (HOA) fees is typically determined by the terms negotiated between the buyer and the seller during a real estate transaction. The specifics may vary depending on the agreement reached between the parties and the local real estate practices. However, here is a general understanding of how HOA fees are commonly handled:

  1. Prorated Fees: Often, HOA fees are prorated between the buyer and the seller based on the closing date. The seller is usually responsible for paying the fees up to the date of closing, while the buyer assumes responsibility for fees from the closing date onwards.
  2. Prorated Assessments: Similarly, any prorated assessments for special projects or improvements within the HOA community are typically split between the buyer and the seller based on the closing date.
  3. Outstanding Dues: Any outstanding HOA dues owed by the seller at the time of closing are usually settled by the seller before the transaction is finalized.
  4. Disclosure of Fees: It is standard practice for the seller to disclose the current HOA fees and any pending special assessments to the buyer during the due diligence phase of the transaction.

It’s important for both parties to thoroughly review the HOA documents, including the covenants, conditions, and restrictions (CC&Rs), to fully understand the financial obligations associated with the property. These documents provide valuable information about the rules, regulations, and financial responsibilities within the community.

During the negotiation process, the buyer and seller can agree on how to handle the HOA fees, and the specifics should be outlined in the purchase agreement or contract. As real estate practices may vary, it is advisable to consult with a local real estate escrow /Title Company or attorney for the most accurate and up-to-date information regarding HOA fees in an Arizona real estate transaction.

Please consult a real estate escrow/title company or attorney for the most accurate and current information,

How to buy a house without a Full Service Realtor 

1. Search for the right home for you

2. Find a real estate attorney or Flat Fee Limited Service Buyer Agent

3. View homes for sale online

4. Get pre-approved for a home loan

5. Review the seller disclosure 

6. Make and negotiate an offer

7. Get inspections and appraisals

8. Close the deal











Note: The information on this page is not intended to be legal advice. Before making a home purchase without an agent, you should consult real estate attorney.


Mountain Lake Realty is a Limited Service Brokerage See Terms of Service on Website