Email-based, real estate fraud schemes are on the rise. One common scenario is altering wiring instructions with the intention of rerouting funds.
Keeping this in mind, First American Title is changing the way we receive payment information. It is imperative that we are familiar with the people in our transactions.
RELYING ON EMAIL ALONE IS NO LONGER AN OPTION.
Fraudsters often use email to send falsified wire instructions to unsuspecting victims. Please warn your buyers and sellers to only follow wire instructions they receive personally from First American Title.
Additionally, we will not accept disbursement instructions for seller or buyer funds via email OR from any third party (attorney, real estate agent, etc).
ALTERNATIVE INSTRUCTIONS?
If your buyer or seller receives alternative wiring instructions that appear to be from First American Title, make sure they contact their escrow officer at a trusted phone number for confirmation.
Know that our wiring instructions do not change so any communication is suspect. Our banking institution is First American Trust.
IN SHORT – wire instructions will not be accepted by email. New wire instructions must be hand-carried or uploaded to the First American Secure Portal.
Thank you for joining First American Title in fostering a secure real estate transaction process. Have questions or concerns? Please contact our office or your escrow officer.
LIMITATION OF LIABILITY FOR INFORMATIONAL REPORTS
IMPORTANT -- PLEASE READ CAREFULLY:
This report is not an insured product or service or a representation of the condition of title to real property. It is not an abstract, legal opinion, opinion of title, title insurance commitment or preliminary report, or any form of Title Insurance or Guaranty. This report is issued exclusively for the benefit of the Applicant therefor and may not be used or relied upon by any other person. This report may not be reproduced in any manner without First Americans prior written consent. First American does not represent or warrant that the information herein is complete or free from error, and the information herein is provided without any warranties of any kind, as-is, and with all faults. As a material part of the consideration given in exchange for the issuance of this report, recipient agrees that First Americans sole liability for any loss or damage caused by an error or omission due to inaccurate information or negligence in preparing this report shall be limited to the fee charged for the report. Recipient accepts this report with this limitation and agrees that First American would not have issued this report but for the limitation of liability described above. First American makes no representation or warranty as to the legality or propriety of recipient's use of the information herein.
ADDITIONAL PROPERTY INFORMATION STANDARD LAND USE: SFR END SEARCH
Covenants, Conditions & Restrictions
Thank you for the opportunity to be of service.
Restrictions indicating a preference, limitation or discrimination based on race, color, religion, sex, handicap, familial status, or national origin are hereby deleted to the extent such restrictions violate 42 USC 3604(c).
This information is furnished without fee and without benefit of a complete title search. No liability is assumed by First American Title. If it is desired that liability be assumed, you may apply for a policy of title insurance with First American Title Insurance Company.
DECLARATION OF RESTRICTIONS OF HERMOSA HIGHLANDS
KNOW "ALLMEN BY THESE PRESENTS:
THAT GERHARD MULLER CONSTRUCTION CO., INC., an Arizona corporation, and THAT STEWART TITLE & TRUST OF TUCSON, an Arizona corporation, as TRUSTEE under Trust Agreement No. 0234, hereinafter referred to as Owner, being the owner of all that certain tract of land situate in the County of Pima, State of Arizona, described as follows, to-wit:
Lots 1 through 34 inclusive, excepting Lot 21, HERMOSA HIGHLANDS, a subdivision of Pima County, Arizona, according to the Plat of record in the office of the County Recorder of Pima County, Arizona, in Book 17 of Maps and Plats, at page thereof.
DOES HEREBY CERTIFY AND DECLARE that it has established, and does hereby establish, a general plan for the improvement, de- velopment, ownership, use and sale of said property so owned by it, and each and every part thereof, and does hereby establish the manner, provisions, conditions, restrictions and coyenants upon and subject to which said lots shall be used, improved, occupied, owned, sold and conveyed, and does hereby declare that henceforth said lots shall be used, improved, opied, owned, sold and conveyed subject to the provisions, con- ditions, restrictions and covenants herein set forth, ali of which shall be binding upon and inure to the benefit of the present and future owners of said lots and all thereof, and all of which shall apply to and bind the respective successors in interest of the present owners and future owners of said lots and all thereof, and all of which provisions, conditions, restrictions, and covenants are, and each of them is, impressed and imposed upon each and every parcel of the hereinbefore de- scribed property as a servitude in favor of each and every par- cel thereof as the dominant tenemants, as follows, to-wit:
(1) No lot shall be used except for residential purposes. No building shall be erected, altered, placed or permitted to remain on any lot other than one detached single family dwelling, not to exceed two and one-half stories in height, and a private garage for not more than three cars.
(2) No derrick or other structure designed for use in boring for water, oil or natural gas shall be erected, placed or permitted upon any part of said property, nor shall any water, oil, natural gas, petroleum, asphaltum or hydrocarbon products or substances be produced or extracted therefrom, except as specifically required by a water company having fran-. chise rights thereon. No antennas or towers for transmission of radio signals shall be placed or permitted on any part of the said property.
3-6-64
(3) No sign of any kind shall be displayed to the public view on any lot except one professional sign of not more than one square foot, one sign of not more than five square feet advertising the property for sale or rent, or signs used by a builder to advertise the property during the construction and sales period.
(4) No temporary house, trailer, tent, garage, or other outbuilding shall be placcu or erected upon any part of said property, and no residence placed or erected on any part of said property shall be occupied in any manner at any time prior to its being fully completed; provided, however, that during the actual construction or alteration of a building on any lot, necessary temporary buildings for the storage of material, etc., may be erected and maintained by the person doing such work.
No travel trailer, camper trailer, or house trailer shall be stored or permitted on the property for a period exceeding 72 hours, unless enclosed in such a manner that it is not visible from adjoining lots.
Any building erected shall be of good quality construction and good architectural design, the general appearance, color and finish shall be appropriate, and not detrimental, to a good residential district.
No building may be erected until the plans and specifications therefor have been approved by the undersigned or their successors in interest. If no action has been taken on said plans and specifications by the undersigned, or their successors in interest, within thirty (30) days after submittal thereof, this failure to act may be construed as approval.
The work of construction of any building on any part of said property shall be prosecuted diligently from the commencement thereof until the completion thereof.
(5) No horses, cattle, sheep, goats, hogs, rabbits, pigeons, poultry or other livestock shall be kept or maintained upon any part of said property. This paragraph shall not be construed, however, as prohibiting the keeping of ordinary domestic pet animals upon said property, provided that they are not kept, bred, or maintained for any commercial purpose.
(6) No lot shall be used or maintained as a dumping ground for rubbish. Trash, garbage or other waste shall not be kept except in sanitary containers. All incinerators or other equipment for the storage or disposal of such material shall be kept in a clean and sanitary condition. Vehicles which are so damaged or dis-assembled that they are not fit for use on public streets and highways shall not be stored or kept on said property for a period exceeding 72 hours.
(7) No building of any nature shall be removed from without said property to any lot without the written consent of the Owner, its authorized agent or architect.
(8) No building shall be located on any lot, the front walls of which are closer than twenty (20) feet to the front lot line, or nearer than eight (8) feet to any side street
line. No building shall be located nearer than six (6) feet to an interior lot line, except thut no interior side yard shall be required for a garage or carport located seventy-five (75) feet or more from the front lot line. No dwelling shall be located nearer than fifteen (15) eet to the rear lot line. For the purposes of this covenant, e.ves, steps and unroofed open porches or patios shall not be considered as part of a building, provided however, that this shall not be construed to permit any portion of a building on a lot to encroach upon another lot. No dwelling shall be erected or placed on any lot having a width of less than sixty (60) feet at the minimum building setback line nor shall any dwelling be erected or placed on any lot having an area of less than Eight Thousand (8,000) square feet.
(9) The ground floor area of the main structure, exclusive of one-story open porches and garages, of any dwelling erected on any lot indicated herein, shall be no less than one thousand (1,000) square feet for a one-story dwelling, nor less than twelve hundred (1,200) square feet for a dwelling of more than one story.
(10) Before the owner of any lot shall commence the construction or alteration of any building, wall, fence, coping or other structure whatsoever on any lot, such owner shall sub- mit to an Architectural Committee consisting of GERHARD MULLER and FLORENCE MARY MULLER, or their successors in interest, two complete sets of plans and specifications for the building, wall, fence, coping, or other structure the erection or alteration of which is desired, and no structure of any kind shall be erected, altered, placed or maintained upon any lot unless and until the plans, elevations and specifications therefor have received the written approval of such Architectural Committee. Such plans shall include a plat plan showing the location on the property in question of the building, wall, fence, coping or other structure proposed to be constructed or altered. The Archite - tural Committee shall either approve or disapprove said plans and specifications within thirty (30) days from the receipt thereof. One set of said plans and specifications with the Architectural Committee's approval or disapproval noted thereon shall be delivered to the person submitting said plans and spec- ifications to the Architectural Committee, and the other copy thereof shall be retained by the owner. If said Architectural Committee shall fail to approve or disapprove of such plans and specifications in writing within thirty (30) days after the delivery of same to it, and no action has been instituted to enjoin the doing of the proposed work, the provisions of this paragraph shall be deemed waived. The said Architectural Committee shall have the right to disapprove of such plans and specifications submitted to it, as aforesaid, if such plans and specifications are not in accordance with all of the pro- visions of this Declaration, or if, in the opinion of the Arch- itectural Committee, the design of the proposed building or other structure is not in harmony with the general surrounding of such lot or with adjacent buildings or structures. The de- cision of such Architectural Committee shall be final. Neither the undersigned nor any agent of the undersigned, nor any arch- itect appointed by the undersigned shall be responsible in any
way for any structural defects in any plans and/or specifications submitted in accordance with the foregoing nor in any building or structure erected in the lots covered by this Declaration until all lots have been sold by the undersigned, then at any time thereafter the owners of said lots sold by the undersigned may organize a committee to supersede the undersigned as to the manner in which the matters covered by this paragraph hereof shall be enforced.
(11) Overhead easements from eight feet skyward for installation and maintenance of utilities are reserved over the rear five feet of each lot. Easements for drainage facilities are reserved as shown on the recorded plat. Within these drainage easements, no structure, planting or other material shall be placed or permitted to remain which may change the direction of flow of drainage channels in the easements, or which may obstruct or retard the flow of water through drainage channels in the easements.
(12) The aforesaid provisions, conditions, restrictions and covenants, and each and all thereof, shall run with the land and continue and remain in full force and effect at all times and against all persons until January 1, 2000, at which time they shall be automatically extended for a period of ten (10) years and thereafter for successive ten year periods, unless on or before the end of one of such extension periods the owners of a majority of the lots in said subdivision shall by written instrument, duly recorded, declare the termination or modification of the same.
(13) A1l provisions, conditions, restrictions and covenants herein shall be binding on all lots and parcels of real estate and the owners thereof, regardless of the source of title of such owners, and any breach thereof, if continued for a period of thirty (30) days from and after the date' that the owner or other property owners shall have notified in writing the owner or lessee in possession of any lot upon which a breach has been committed to refrain from a continuance of such action and to correct such breach, shall warrant the undersigned or other lot owner to apply to any Court of law or equity having jurisdiction thereof for an injunction or other proper relief, and if such relief be granted, the court may in its discretion award to the plaintiff in such action his reasonable expenses in prosecuting such suit, including attorney fees; provided, however, that any violation of the foregoing provisions, conditions, restrictions or covenants shall not defeat or render invalid the lien of any mortgage or deed of trust made in good faith for value as to any portion of said property, but such provisions, conditions, re- strictions, and covenants shall be enforceable against any portion of said property acquired by any persons through foreclosure or by deed in lieu of foreclosure for any violation of the provisions, conditions, restrictions, and covenants herein contained occurring after the acquisition of said property through foreclosure or by deed in lieu of foreclosure.
(14) No delay or omission on the part of the owners or owner of any lot or lots in said property in exercising any right, power of remedy herein provided for in the event of ar breach of any of the provisions, conditions, restrictions and covenants herein contained shall ba construed as a waiver thereof
or acquiescence therein; and no right of action shall accrue nor shall any action be brought or maintained by anyone whomsoever against the undersigned for or on account of the failure or neglect of the undersigned to exercise any right, power or remedy herein provided for in the event of any such breach of any said provisions, conditions, restriction. or covenants or for imposing herein conditions, provisions, 1strictions or covenants which may be unenforceable.
(15) In the event that any one or more of the provisions, conditions, restrictions and covenants herein set forth shall be held by any court of competent jurisdiction to be null and void, all remaining provisions, conditions, restrictions and covenants herein set forth shall continue unimpaired and in full force and effect.
(16) No fence, wall, hedge or shrub planting which obstructs sight lines at elevations between two (2) and six (6) feet above the roadways shall be placed or permitted to remain on any corner lot within the triangular area formed by the street property lines and a line connecting them at points twenty five (25) feet from the intersection of the street lines or in case of a rounded property corner from the intersection of. the street property lines extended. The same sight line limitations shall apply on any lot within ten (10) feet from the intersection of a street property line with the edge of a driveway or alley pavement. No tree shall be permitted to remain within such distances of such intersections unless the foliage line is maintained at sufficient height to prevent obstruction of such sight lines.
IN WITNESS WHEREOF. the GERHARD MULLER CONSTRUCTION CO., INC., an Arizona corporation, and STEWART TITLE AND TRUST CO. OF TUCSON, an Arizona corporation, as TRUSTEE, have hereunto caused their corporate name to be signed and their corporate seal to be affixed and the same to be attested by the signature of its duly authorized officer, this day of , 1964.
GERHARD. MULLER CONSTRUCTION STEWART TITLE AND TRUST OF TUCSON, CO., INC,, an Arizona cor- an Arizona corporation, as/TRUSTEE poration under Trust No. 0234
By President Trust Officer
STATE OF ARIZONA ) COUNTY OF PIMA SS.
On this, the 7 day of ., 1964, before me, the undersigned officer, personally appeared _, who acknowledged himself to be the Trust Officer of STEWART TITLE AND TRUST OF TUCSON, an Arizona corporation, and that he, as such Officer, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the na name of the Corporation, by himself as Trust Officer.
IN WITNESS WHEREOF, I have hereunto set my hand the official seal.
Notary Public
My comnission expires: ....: A. 22, 105
COUNTY OF ARIZONA
COUNTY OF PIM
SS.
This instrument was ack.wwledged before me this 3 day of , 1964, by CERHARD MÜLLER, as President of GERHARD MULLER CONSTRUCTIÓN CO., INC., an Arizona corporation as the Act of such corporation.
Notary Public
My commission expires: Ny m on aA22S
WE, the undersigned, hereby warrant that we are holders and owners of certain mortgages and assignments thereof of record in the office of the county recorder of Pima County, Arizona, encumbering the subject property of this Declaration of Restrictions, and we do hereby consent to and approve this Declaration of Restrictions.
STEWART TITLE AND TRUST OF TOTSON, an Arizona Corporation, as Trustee under Trust. 0231 and 0280
By E.
TUCSON FEDERAL SAVINGS AND LOAN ASSOCIATION
By Pal
STATE OF ARIZONA ) COUN'TY OF PIMA ) Ss.
On this day of March, 1964, before me, the undersigned Notary Public, personally appeared LYNN E. BIZIK, who acknowledged himself to be Trust Officer of STEWART TITLE AND TRUST OF TUCSON, an Arizona Corporation, and that as the duly authorized person did execute the foregoing for'Alhe... purposes therein contained and as the proper officer so suthorizeetodo
My commission cxpires: MyC12, 1959
STATE OF ARTZOA ss.
Notary Public COUNTY OF RIIM
Dthis hthday of March, 1964, before me, the undersigned Notary Pablic, perssly appeared LEONARD MARSHALL and resident GO PALMER who acknowledged themselves to be Vice and Secratary respechwaty, of TUCSON FEDERAL SAVINGS AND LOAN ASSOCIATION, a corporation, _ and that they as the duly authorized persons did execute the foregoing for the purposes therein contained end as the proper officera so authorized to do.
My comnission expires: March 7,1965 -6-
Notary Pyic
Count on First American Title.
Count on us for service.
First American Title’s professionals are proud to provide the title insurance that assures people’s home ownership. Backed by First American Title Insurance Company, your transaction will be expertly completed in accordance with state-specific underwriting standards and state and federal regulatory requirements.
Count on us for stability.
First American Title is the principal subsidiary of First American Financial Corporation, and one of the largest suppliers of title insurance services in the nation. With roots dating back to 1889, we’ve served families for generations.
Count on us for convenience.
First American Title has a direct office or agent near you. We also have an extensive network of offices and agents throughout the United States, and internationally.
Count on us to meet your needs.
First American Financial Corporation offers more than title insurance and escrow services through its subsidiaries. Our subsidiaries also provide property data, title plant records and images, home warranties, property and casualty insurance, and banking, trust and advisory services.
Benefits from a professional REALTOR® .
Before you make the decision to try to sell your home alone, consider the benefits a REALTOR® can provide that you may not be aware of:
Understands market conditions and has access to information not available to the average homeowner.
Can advertise effectively for the best results.
Knows how to price your home realistically, to give you the highest price possible within your time frame.
Is experienced in creating demand for homes and how to show them to advantage.
Knows how to screen potential Buyers and eliminate those who can’t qualify or are looking for bargain-basement prices.
Knows how to go toe-to-toe in negotiations.
Is always “on-call,” answering the phone at all hours, and showing homes evenings and weekends.
Can remain objective when presenting offers and counter-offers on your behalf.
Maintains errors-and-omissions insurance.
Will listen to your needs, respect your opinions and allow you to make your own decisions.
Can help protect your rights, particularly important with the increasingly complicated real estate laws and regulations.
Is experienced with resolving problems to facilitate a successful closing on your home.
For sale by owner.
Many people believe they can save a considerable amount of money by selling their homes themselves. It may seem like a good idea at the time, but while you may be willing to take on the task, are you qualified? The following are some questions to help you realistically assess what’s involved:
Do you have the knowledge, patience, and sales skill needed to sell your home?
If your buyer is aggressive, can you negotiate a successful outcome for yourself?
Do you know how to determine the current market value of your home?
Are you aware of conditions in the marketplace today that affect value and length of time to sell?
Do you know how to determine whether or not a buyer can qualify for a loan?
Are you concerned about having strangers walking through your home?
Do you understand the steps of an escrow and what’s required of you and the buyer?
Are you familiar enough with real estate regulations to prepare a binding sales contract? Counter-offers?
Are you aware that every time you leave your home, you are taking it off the market until you return?
Have you made arrangements with an escrow and title company, home warranty company, pest-control service and lender to assist you with the transaction?
Do you need to hire a real estate attorney? If so, do you know what the cost will be and how much liability they will assume in the transaction?
Only you can determine whether you should attempt to sell your home—probably your largest investment—all alone. Talk with a REALTOR® before you decide. You may find working with a professional is a lot less expensive and much more beneficial than you ever imagined!
Do you know how to advertise effectively and what the costs will be?
Are you aware that prospective buyers and bargain hunters will expect you to lower your cost because there’s no REALTOR® involved?
Do you understand the various types of loans buyers may choose and the advantages and disadvantages for the seller?
Are you prepared to give up your evenings and weekends to show your home to potential Buyers and “just-looking” time wasters?
Key professionals involved in your transaction.
REALTOR®
A REALTOR® is a licensed real estate agent and a member of the National Association of REALTORS®, a real estate trade association. REALTORS® also belong to their state and local Association of REALTORS® .
Real Estate Agent
A real estate agent is licensed by the state to represent parties in the transfer of property. Every REALTOR® is a real estate agent, but not every real estate agent has the professional designation of a REALTORS®
Listing Agent
A key role of the listing agent or broker is to form a legal relationship with the homeowner to sell the property and place the property in the Multiple Listing Service.
Buyer’s Agent
A key role of the buyer’s agent or broker is to work with the buyer to locate a suitable property and negotiate a successful home purchase.
Multiple Listing Service (MLS)
The MLS is a database of properties listed for sale by REALTORS® who are members of the local Association of REALTORS®. Information on an MLS property is available to thousands of REALTORS®
Title Company
These are the people who carry out the title search and examination, work with you to eliminate the title exceptions you are not willing to take subject to, and provide the policy of title insurance regarding title to the real property.
Escrow Officer
An escrow officer leads the facilitation of your escrow, including escrow instructions preparation, document preparation, funds disbursement, and more.
Lenders
A financial institution that provides money to a borrower to purchase real estate, often in the form of a mortgage. Lenders play a vital role in the home buying process by assessing the borrower’s ability to repay the loan and setting the terms of the mortgage.
Inspectors
A licensed professional who evaluates the condition and safety of a property for a buyer or seller. They inspect the property from top to bottom, looking for defects that could be a financial burden or safety risk.
Appraisers
A professional who provides an unbiased estimate of a property’s value.
Preparing your home for sale.
First impressions have a major impact on potential buyers. Try to imagine what a potential buyer will see when they approach your house for the first time and walk through each room. Ask your REALTOR® for advice; they know the marketplace and what helps a home sell. Here are some tips to present your home in a positive manner:
Mow and edge the lawn regularly, and trim the shrubs.
Make your entry inviting: paint your front door and buy a new front door mat.
Paint or replace the mailbox, if needed.
If screens or windows are damaged, replace or repair them.
Repair or replace worn shutters and other exterior trim.
Make sure the front steps are clear and hazard-free. Make sure the doorbell works properly and has a pleasant sound.
Ensure that all exterior lights are working.
Check stucco walls for cracks and discoloration.
Remove any oil and rust stains from the driveway and garage.
Clean and organize the garage, and ensure the door is in good working order.
Shampoo carpeting or replace if worn. Clean tile floors, particularly the caulking.
Brighten the appearance inside by painting walls, cleaning windows and window coverings, and removing sunscreens.
Repair leaky faucets and caulking in bathtubs and showers.
Repair or replace loose knobs on doors and cabinets. If doors stick or squeak, fix them.
Make sure toilet seats look new and are firmly attached.
Repair or replace loud ventilating fans.
Replace worn shower curtains.
Rearrange furniture to make rooms appear larger. If possible, remove and/or store excess furniture, and avoid extension cords in plain view.
Remove clutter throughout the house. Organize and clean out closets.
Clean household appliances and make sure they work properly.
Air conditioners/heaters, evaporative coolers, hot water heater should be clean, working and inspected if necessary. Replace filters.
Check the pool and/or spa equipment and pumps. Make sure all are working properly and that the pool and/or spa are kept clean.
Inspect fences, gates and latches. Repair or replace as needed.
Staging your home for show.
To make the best impression, keep your home clean, neat, uncluttered and in good repair. Please review this list prior to each showing:
Keep everything clean. A messy or dirty home will cause prospective buyers to notice every flaw.
Clear all clutter from counter tops.
Let the light in. Raise shades, open blinds, pull back the curtains and turn on the lights.
Get rid of odors such as tobacco, pets, cooking, etc., but don’t overdo air fresheners or potpourri. Fresh baked bread and cinnamon can make a positive impact.
Send pets away or secure them away from the house, and be sure to clean up after them.
Close the windows to eliminate street noise.
If possible you, your pets, and your children should be gone while your home is being shown.
Clean trash cans and put them out of sight.
If you must be present while your home is shown, keep noise down. Turn off the TV and radio. Soft, instrumental music is fine, but avoid vocals.
Keep the garage door closed and the driveway clear. Park autos and campers away from your home during showings
Hang clean attractive guest towels in the bathrooms.
Check that sink and tub are scrubbed and unstained.
Make beds with attractive spreads. Stash or throw out newspapers, magazines, junk mail.
Terms you should know.
Appraisal
An estimate of value of property resulting from analysis of facts about the property; an opinion of value.
Annual Percentage Rate (APR)
The borrower’s costs of the loan term expressed as a rate. This is not their interest rate.
Beneficiary
The recipient of benefits, often from a deed of trust; usually the lender.
Closing Disclosure (CD)
Closing disclosure form designed to provide disclosures that will be helpful to borrowers in understanding all of the costs of the transaction. This form will be given to the consumer three (3) business days before closing.
Close of Escrow
Generally the date the buyer becomes the legal owner and title insurance becomes effective.
Comparable Sales
Sales that have similar characteristics as the subject real property, used for analysis in the appraisal. Commonly called “comps.”
Consummation
Occurs when the borrower becomes contractually obligated to the creditor on the loan, not, for example, when the borrower becomes contractually obligated to a seller on a real estate transaction. The point in time when a borrower becomes contractually obligated to the creditor on the loan depends on applicable state law. Consummation is not the same as close of escrow or settlement.
Deed of Trust
An instrument used in many states in place of a mortgage.
Deed Restrictions
Limitations in the deed to a parcel of real property that dictate certain uses that may or may not be made of the real property.
Disbursement Date
The date the amounts are to be disbursed to a buyer and seller in a purchase transaction or the date funds are to be paid to the borrower or a third party in a transaction that is not a purchase transaction.
Earnest Money Deposit
Down payment made by a purchaser of real property as evidence of good faith; a deposit or partial payment.
Easement
A right, privilege or interest limited to a specific purpose that one party has in the land of another.
Endorsement
As to a title insurance policy, a rider or attachment forming a part of the insurance policy expanding or limiting coverage.
Hazard Insurance
Real estate insurance protecting against fire, some natural causes, vandalism, etc., Depending upon the policy. Buyer often adds liability insurance and extended coverage for personal property.
Impounds
A trust type of account established by lenders for the accumulation of borrower’s funds to meet periodic payments of taxes, mortgage insurance premiums and/or future insurance policy premiums, required to protect their security.
Legal Description
A description of land recognized by law, based on government surveys, spelling out the exact boundaries of the entire parcel
of land. It should so thoroughly identify a parcel of land that it cannot be confused with any other.
Lien
A form of encumbrance that usually makes a specific parcel of real property the security for the payment of a debt or discharge of an obligation. For example, judgments, taxes, mortgages, deeds of trust.
Loan estimate (LE)
Form designed to provide disclosures that will be helpful to borrowers in understanding the key features, costs and risks of the mortgage loan for which they are applying. Initial disclosure to be given to the borrower three (3) business days after application.
Mortgage
The instrument by which real property is pledged as security for repayment of a loan.
PITI
A payment that includes principal, interest, taxes, and insurance.
Power of Attorney
A written instrument whereby a principal gives authority to an agent. The agent acting under such a grant is sometimes called an “attorney-in-fact.”
Recording
Filing documents affecting real property with the appropriate government agency as a matter of public record.
Settlement Statement
Provides a complete breakdown of costs involved in a real estate transaction.
TRID
Tila-respa integrated disclosures
The life of an escrow.
Chooses a Real Estate Agent
Gets pre-approval letter from Lender and provides to Real Estate Agent.
Makes offer to purchase. Upon acceptance, opens escrow and deposits earnest money.
Finalizes loan application with Lender. Receives a Loan Estimate from Lender.
Completes and returns opening package from First American Title.
Schedules inspections and evaluates findings. Reviews title commitment/preliminary report.
Provides all requested paperwork to Lender (bank statements, tax returns, etc.) All invoices and final approvals should be to the lender no later than 10 days prior to loan consummation.
Lender (or Escrow Officer) prepares CD and delivers to Buyer at least 3 days prior to loan consummation.
Escrow officer or real estate agent contacts the buyer to schedule signing appointment.
Documents are recorded and the keys are delivered!
Accepts Buyer’s offer to purchase.
Completes and returns opening package from First American Title, including information such as forwarding address, payoff lender contact information and loan numbers.
Orders any work for inspections and/or repairs to be done as required by the purchase agreement.
Escrow officer or real estate agent contacts the seller to schedule signing appointment.
Documents are recorded and all proceeds from sale are received.
Upon receipt of order and earnest money deposit, orders title examination.
Requests necessary information from buyers and sellers via opening packages.
Reviews title commitment/ preliminary report.
Upon receipt of opening packages, orders demands for payoffs. Contacts buyer or seller when additional information is required for the title commitment/preliminary report.
All demands, invoices, and fees must be collected and sent to lender at least 10 days prior to loan consummation.
Coordinates with lender on the preparation of the CD.
Reviews all documents, demands, and instructions and prepares settlement statements and any other required documents.
Schedules signing appointment and informs buyer of funds due at settlement.
Once loan is consummated, sends funding package to lender for review.
Prepares recording instructions and submits docs for recording.
Documents are recorded and funds are disbursed. Issues final settlement statement.
Accepts Buyer’s application and begins the qualification process. Provides Buyer with Loan Estimate.
Orders and reviews title commitment / preliminary report, property appraisal, credit report, employment and funds verification.
Collects information such as title commitment / preliminary report, appraisal, credit report, employment and funds verification. Reviews and requests additional information for final loan approval.
Underwriting reviews loan package for approval.
Coordinates with Escrow Officer on the preparation of the Closing Disclosure, which is delivered to Buyer at least 3 days prior to loan consummation.
Delivers loan documents to escrow.
Upon review of signed loan documents, authorizes loan funding.
The Buyer
The Escrow Officer
Chooses a Real Estate Agent
The Seller
The Lender
Closing Costs: Who Pays Whats
The Escrow Process
What is an escrow?
The escrow is the process of having a neutral party manage the exchange of money for real property. The escrow holder is known as an escrow or settlement officer or agent. The buyer deposits funds and the seller deposits a deed with the escrow holder along with all of the other documents required to remove all "contingencies" (conditions and approvals) in the purchase agreement prior to closing.
How is an escrow opened?
Once a purchase agreement is signed by all necessary parties, the agent representing the party who will pay the fee selects an escrow holder and the buyer's earnest money deposit and contract are submitted to the escrow holder. From this point, the escrow holder will follow the mutual written instructions of the buyer and seller, maintaining a neutral stance to ensure that neither party has an unfair advantage over the other. The escrow holder also follows the instructions of the Buyer's new lender, the seller's existing lender, and both parties' agents. The escrow holder ensures the transparency of the transaction, while carefully maintaining the privacy of the consumers.
Your escrow professional may:
Open escrow and, if instructed to do so, deposit your good faith funds in a separate escrow account.
Order a title search to determine ownership and status of the subject real property.
Issue a preliminary report and begin the process of eliminating the title exceptions you and your lender are not willing to take title subject to.
Request payoff information for the seller’s loans, other liens, homeowner’s association fees, etc.
Coordinate with the buyer’s lender on the preparation of the Closing Disclosure (CD).
Prorate fees, such as real property taxes, per the contract, and prepare the settlement statement.
Set separate appointments allowing the seller and you to sign documents and deposit funds.
Review documents ensuring all conditions and legal requirements are fulfilled; request funds from lender.
When all funds are deposited, record documents with the County Recorder’s Office to transfer the subject real property to you.
After the recordation is confirmed, close escrow and disburse\funds, including seller’s proceeds, loan payoffs, etc.
Prepare and send final documents to all parties involved.
Understanding title insurance.
The title industry and title insurance in brief.
Prior to the development of the title industry in the late 1800s, a home-buyer received a grantor’s warranty, attorney’s title opinion, or abstractor’s certificate as assurance of home ownership. The buyer relied on the financial integrity of the grantor, attorney, or abstractor for protection. Today, home-buyers look primarily to title insurance to provide this protection. Title insurance companies are regulated by state statute. They are required to post financial guarantees to ensure that any claims will be paid in a timely fashion. They also must maintain their own “title plants” which house duplicates of recorded deeds, mortgages, plats, and other pertinent county property records.
What is title insurance?
Title insurance provides coverage for certain losses due to defects in the title that, for the most part, occurred prior to your ownership. Title insurance protects against defects such as prior fraud or forgery that might go undetected until after closing and possibly jeopardize your ownership and investment.
Why is title insurance needed?
Title insurance insures buyers against the risk that they did not acquire marketable title from the seller. It is primarily designed to reduce risk or loss caused by defects in title from the past. A loan policy of title insurance protects the interest of the mortgage lender, while an owner’s policy protects the equity of you, the buyer, for as long as you or your heirs (in certain policies) own the real property.
When is the premium due?
You pay for your owner’s title insurance policy only once, at the close of escrow. Who pays for the owner’s policy and loan policy varies depending on local customs.
5
Compare First American Title’s Eagle Policy® for Owners
Consider This
One escrow transaction could involve more than 20 individuals, including real estate agents, buyers, sellers, attorneys, escrow officer, escrow technician, title officer, loan officer, loan processor, loan underwriter, home inspector, termite inspector, insurance agent, home warranty representative, contractor, roofer, plumber, pool service, and so on. And often, one transaction depends on another.
When you consider the number of people involved, you can imagine the opportunities for delays and mishaps. Your experienced escrow team can’t prevent unforeseen problems from arising; however, they can help smooth out the process.
Closing Your Escrow
What to do before the closing appointment.
Your escrow officer or escrow technician will contact you to schedule your closing appointment and inform you of the funds you need to bring with you. Obtain a cashier’s check for that amount made payable to First American Title. If a wire transfer is necessary, arrange for it in advance with your escrow officer.
First American Title is required by law to have funds deposited before escrow funds can be disbursed. Expect delays if you submit a personal check! If you have questions or anticipate a problem, contact your escrow officer immediately.
Don’t forget your identification.
You will need valid identification with your photo; a driver’s license is preferred. This is necessary so that your identity can be sworn to by a notary public. It’s a routine step, but it’s important for your protection.
What happens next?
During your signing appointment at First American Title, you will sign loan documents for the home you are purchasing and you will present your identification so the documents can be notarized. You will review the settlement statement and give the escrow officer your cashier’s check. (The seller will sign at a separate appointment.)
First American Title will confirm that all contract conditions have been met and ask the lender to “fund the loan.” If the loan documents are satisfactory, the lender will send funds directly to First American Title. When all necessary funds are received we will disperse escrow funds to the seller and other appropriate payees. The signed loan documents will be returned to the lender. We will record the deed at the county recorder’s office. At this time your escrow is closed.
After the Closing
We recommend you keep all records pertaining to your home together in a safe place, including all purchase documents, insurance, maintenance and improvements.
Loan payments and impounds. You should receive a statement from your lender before your first payment is due. If you have not been notified, or if you have questions about your tax and insurance impounds, contact your lender.
Home Warranty Repairs. If you have a home warranty policy, call your home warranty company directly for repairs. Have your policy number available when you call.
Title Insurance Policy. First American Title will deliver your policy and your recorded deed.
Property Taxes. You may not receive a tax statement for the current year on the home you buy; however, it is your obligation to make sure the taxes are paid when due. Check with your mortgage company to find out if taxes are included with your payment. For more information on your property taxes, contact your county treasurer’s office.
Planning Your Move
Six Weeks Before:
Create an inventory sheet of items to move
Research moving options You’ll need to decide if yours is a do-it-yourself move or if you’ll be using a moving company.
Request moving quotes Solicit moving quotes from as many moving companies and movers as possible. There can be a large difference between rates and services within moving companies.
Discard unnecessary items Moving is a great time for ridding yourself of unnecessary items. Have a yard sale or donate unnecessary items to charity.
Packing materials. Gather moving boxes and packing materials for your move.
Contact insurance companies (Life, Health, Fire, Auto) You’ll need to contact your insurance agent to cancel/ transfer your insurance policy. Do not cancel your insurance policy until you have and closed escrow on the sale.
Seek employer benefits If your move is work-related, your employer may provide funding for moving expenses. Your human resources rep should have information on this policy.
Changing Schools If changing schools, contact new school for registration process.
Four Weeks Before:
Contact utility companies Set utility turnoff date, seek refunds and deposits and notify them of your new address.
Obtain your medical records. Contact your doctors, physicians, dentists and other medical specialists who may currently be retaining any of your family’s medical records. obtain these records or make plans for them to be delivered to your new medical facilities.
Note food inventory levels Check your cupboards, refrigerator and freezer to use up as much of your perishable food as possible.
Service small engines for your move by extracting gas and oil from the machines. This will reduce the chance to catch fire during your move.
Protect jewelry and valuables Transfer jewelry and valuables to safety deposit box so they can not be lost or stolen during your move.
Borrowed and rented items Return items which you may have borrowed or rented. Collect items borrowed to others.
One Week Before:
Plan your itinerary Make plans to spend the entire day at the house or at least until the movers are on their way. Someone will need to be around to make decisions. Make plans for kids and pets to be at the sitters for the day.
Change of address Visit USPS for change of address form.
Bank accounts Notify bank of address change. Make sure to have a money order for paying the moving company if you are transferring or closing accounts.
Service automobiles If automobiles will be driven long distances, you’ll want to have them serviced for a troublefree drive.
Cancel services. Notify any remaining service providers (newspapers, lawn services, etc) of your move.
Start packing Begin packing for your new location.
Travel items Set aside items you’ll need while traveling and those needed until your new home is established. Make sure these are not packed in the moving truck!
Scan your furniture. Check furniture for scratches and dents before so you can compare notes with your mover on moving day.
Prepare Floor Plan Prepare floor plan for your new home. This will help avoid confusion for you and your movers.
Moving Day:
Review the house Once the house is empty, check the entire house (closets, the attic, basement, etc) to ensure no items are left or no home issues exist.
Sign the bill of lading Once you are satisfied with the mover’s packing your items into the truck, sign the bill of lading. If possible, accompany your mover while the moving truck is being weighed.
Double check with your mover Make sure your mover has the new address and your contact information should they have any questions during your move.
Vacate your home. Make sure utilities are off, doors and windows are locked and notify your real estate agent you’ve left the property.
Central Arizona Branch Locator
1 Sun City West
623-299-3644
13940 W. Meeker Blvd, #119 Sun City West, AZ 85375 N of Meeker Blvd W of R.H. Johnson
2 The Legends
623-537-1608
20241 N. 67th Ave, #A-2 Glendale, AZ 85308 E side 67th Ave/N of 101
3 Arrowhead
623-487-0404
16165 N. 83rd Ave, #100 Peoria, AZ 85382
SE corner of N 83rd Ave and W Paradise Ln
4 Anthem
623-551-3265
39508 N. Daisy Mountain Dr, #128 Anthem, AZ 85086 NE corner Daisy Mtn Dr/Gavilan Peak Pkwy
5 Tatum Ridge
480-515-4369
11211 N Tatum Blvd, #A150 Phoenix, AZ 85028 N of Shea, E side of Tatum
6 Carefree
480-575-6609
7202 E. Carefree Dr, Bldg 1, #1 Carefree, AZ 85377 NE corner of Tom Darlington/Carefree Dr.
7 Scottsdale Forum
480-551-0480
6263 N. Scottsdale Rd, #110 Scottsdale, AZ 85250 E Side Scottsdale/S of Lincoln
8 Raintree
480-563-9034
8605 E. Raintree Dr, # 130 Scottsdale, AZ 85260 SW corner of E Raintree Dr and N 87th St
9 Chandler Portico
480-777-0051
2121 W. Chandler Blvd., #100 Chandler, AZ 85224 SW Corner Chandler Blvd./Dobson Rd.
10 Gilbert San Tan
480-777-0614
1528 E. Williams Field Rd. #101 Gilbert, AZ 85295 NW corner of Williams Field Rd./Val Vista Rd.
11 Mesa
480-401-3738
1630 S. Stapley Dr, #123 Mesa, AZ 85204 N of Baseline / W of Stapley
12 Gold canyon
480-288-0883
6877 South Kings Ranch Rd, #5 Gold Canyon, AZ 85118 E of 60/South Side Kings Ranch Rd.
Southern Arizona Branch Locator
1 Tanque Verde
6390 E Tanque Verde Rd Tucson, AZ 85715
phone 520-885-1600 / 520-202-2626
2 Broadway
3777 E Broadway, Ste 130 Tucson, AZ 85716
phone 520-747-1644
3 Cambric 1840 E River Road Ste 200 Tucson, AZ 85718
phone 520-577-8707 / 520-529-1944
4 Casa Grande
442 W Kortsen Road, Ste 101 Casa Grande, AZ 85122
phone 520-426-4600
5 Casas Adobes
6760 N Oracle Rd, Ste 100B Tucson, AZ 85704 phone 520-575-1900
6 Green Valley
210 W Continental Road, Ste. 248 Green Valley, AZ 85622 phone 520-625-1095
7 Oro Valley/La Canada 11165 N La Canada Dr, Ste 143 Oro Valley, AZ 85737 phone 520-877-9200
8 Oro Valley/Oracle 8500 N Oracle Rd, Ste 100 Oro Valley, AZ 85704 phone 520-297-2576 | 520-219-6451
