Canada to Arizona Real Estate Info
How do I handle everything during the escrow?
After an offer is accepted, there are many steps to get you to closing. I understand that many Canadian purchasers are in town long enough to search for a home, but not to handle all of the other steps. The AAR real estate contract provides some key timelined for these steps to occur, so that everyone knows what is expected. The presumption within the contract is that "time is of the essence".
Upon acceptance, an inspection period starts. This typically provides ten days for the inspection and notice to the seller of any repair requests. I can recommend inspection companies for you to check out. It is best to choose a company that can either email you the report or access it on line. I will attend the inspection so that I can have a better understanding of any issues that arise. The seller has the duty to provide you with all HOA or condo association documents for review. This is typically handled through the title company. If you are securing a loan, constant contact should be maintained with the lender to insure a timely completion of the transaction. If you are not visiting for the closing, loan documents shoudl be ready at least one week prior to the scheduled closing date to insure that they can make to you and back in time. Be aware that currently you can not just take documents for a US purchase to any notary in Canada for signatures. They must be taken to a US consulate, or depending on your location, you can cross the border to sign in the US. This requirement may change in the future.
Keep in mind that utilizing a Realtor for your US purchase will provide you with representation and the experience to handle all the aspects of an escrow period, even if you aren't here.
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The purpose of this web page is to provide general guidance and information only and DOES NOT constitute tax, legal or investment or other professional advice. It is recommended that for accounting, tax, investment, legal or other professional advise that you consult the appropriate qualified accountant, financial advisor, attorney or other profession advisor. Therefore, Adam Tarr PC and the author of this site can not accept any responsibility for loss which may arise from reliance on information contained in this web site.
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