Essential Documents Required for Residential Real Estate Transactions in Arizona
Essential Documents Required for Residential Real Estate Transactions in Arizona
Buying or selling residential property in Arizona involves multiple steps and a significant amount of paperwork. Understanding which documents are necessary ensures the transaction proceeds smoothly and minimizes potential legal issues. At McCain & Bursh Attorneys at Law, P.C., we assist Scottsdale residents by guiding them through every stage of their residential transactions. Here are the key documents you'll typically need:
1. Purchase Agreement
The Purchase Agreement outlines all essential terms of the sale, including price, closing date, contingencies, and property disclosures. Both buyer and seller must carefully review and agree upon its contents.
2. Seller’s Property Disclosure Statement (SPDS)
Arizona law requires sellers to disclose known issues or defects with the property. The SPDS helps buyers make informed decisions and protects sellers from future disputes.
3. Title Commitment and Title Insurance
A Title Commitment ensures the property is free of liens and legal issues. Title Insurance further protects the buyer and lender against
potential claims regarding ownership.
4. Inspection Reports
Home inspections, termite inspections, and other specialized inspections (like roofing or plumbing) provide valuable information about the property's condition.
5. Appraisal Report
An appraisal establishes the fair market value of the property and ensures that lenders aren’t financing more than the home is worth.
6. Loan Documents
If financing is involved, you’ll need various loan-related documents, including the mortgage agreement, loan estimate, and closing disclosure detailing loan terms.
7. Deed of Trust
This document secures the lender’s interest in the property until the loan is fully repaid. It is recorded in county records.
8. Settlement Statement
Also known as the Closing Disclosure, this itemized statement outlines all financial transactions, fees, and costs involved in the purchase.
9. Deed
The deed officially transfers ownership from the seller to the buyer. It must be signed, notarized, and recorded in the county records.
How McCain & Bursh Attorneys at Law, P.C. Can Help
Real estate transactions can be complex. At McCain & Bursh Attorneys at Law, P.C., our attorneys ensure that all required documents are properly drafted, reviewed, and executed. With our detailed attention and experienced legal guidance, Scottsdale residents can confidently close their residential transactions without worry.

