The most important step in purchasing a home in the State of Arizona is by choosing a lending agency that will loan money on terms that will cut costs without cutting corners. The purchaser should get a pre approved and pre qualified credit rating. This will enable the purchaser to have the necessary documentation to submit to the best lending agency that will give the best deal.

Once the purchaser has assessed credit worthiness it is important that a Realtor be hired. The Realtor will be able to give the purchaser the best options in the home hunt. A Realtor who is a member of the National Association of Realtors will have access to the multi listing service provided by the association. The multi listing service will help the purchaser choose a home according to his budget and according to his needs.

When the purchaser identifies the property an offer is made to the seller in an Arizona State Approved Purchase Contract formatted document. The seller is given time to answer the offer and is required under the laws of the State of Arizona to give full disclosure of the defects and possible hazards of the property with regard to location structure and the like. When the seller accepts the agreement and signatures of both parties are affixed, the agreement becomes a binding purchase agreement.

The purchaser will now conduct inspection of the property by engaging approved inspectors for defects in structure, pest control, radiation and lead paint usage. Inspection of sewer facilities and an evaluation report of improvements made on the property by the seller is also required. The purchaser should also engage an attorney, a real estate title company or a title and trust company to search for possible defects in title recorded in public departments or courts. The American Land Title Association has a list of approved title search companies for the reference of the purchaser.

Possible title defects will include implied easements arising out of necessity and liens arising out of unpaid taxes, money due on judgments and unpaid mechanics or workers. The purchaser should buy a title insurance policy which usually has a one time premium to insure the property against any possible but unseen title claims. A list of amenities and other portables that are being sold with the house is also required. Mortgage companies require ownership and encumbrance reports to ensure that the property is adequate security for the amount loaned.

The mortgage company will approve the title report within 5 days of receipt. The purchaser can then deposit the down payment or earnest money to the seller. The purchaser is required to change the names in all utility connections 3 to 5 days before the closure of the contract.

On the date of closure the purchaser should bring identification papers such as a driving license and a home owners insurance with the proof of one years paid premium and any other documents required by the lender company. Once the deed is signed the transaction is closed and the purchaser has purchased a home in the state of Arizona.