Why is earnest money necessary for a real estate transaction? It is a deposit given to the title or escrow company indicating that the buyers are serious and have skin in the game. It also gives assurance to the sellers since upon a breach of it will most likely be given to the sellers as compensation for taking the house off the market. How does a buyer keep from losing the earnest money, read on.
Pedestrian Friendly Lago Estancia Lake Community in Gilbert
One of the smaller lake communities in Gilbert is Lago Estancia with just under 100 waterview lots. A distinguishing character of Lago Estancia is the walking paths and bridges that allow residents to enjoy waterfront walks around the lakes. Lago Estancia is located near downtown Gilbert that is flush with great restaurants and Hale Theatre. In addition it finds itself equidistant between the US60 the 202 to the south.
If you’re looking for a waterfront retirement home in the Phoenix area but also want to enjoy the amenities of an active adult community, keep on reading. Active adult waterfront homes are found in Mesa, Sun Lakes, Goodyear, Peoria, Sun City and the city of Maricopa. Specifically, they are Leisure World, Sun Lakes, Canta Mia, Ventana Lakes, View Point and Dawn Lake in Sun City and Province. Find out if any of these adult retirement communities allow boating.
Adjacent to the Ahwatukee foothills you’ll find the city of Phoenix’s largest residential lake that features over 170 waterfront properties. These lakefront lots that welcome boaters are situated on 38 acres of water on two residential lakes. With the recent extension of the loop 202 South Mountain freeway, access to the east valley, Sky Harbor airport and central Phoenix is that much easier.
If you’re looking for a community where over 70% of the homes are waterfront, Arrowhead Lakes in Glendale is a perfect match. It is also located close to the 101 freeway, offering good access to the west valley and Phoenix. A quick drive through the neighborhood will show just how many residents enjoy boating on this 130 acre man made residential lake.
An important element of a real estate purchase is the due diligence during the inspection regarding the property. You’ve seen the professional pictures on line and visited the meticulously maintained house with the scent of freshly baked cookies. What’s not to love Now it’s time to really find out what’s really happening. The due diligence during the inspection period is a critical time to evaluate the property and surrounding area of most likely the largest purchase you’ll ever make.
As a waterfront buyer develops their list of criteria and questions, one question seldom makes it on the list, What is the source of the water for this lake community? It would not matter if all man made residential lake communities had the same source or type of water, but they don’t. There are 3 sources of water from which the Phoenix area lake communities receive their water. If this is of interest to you, keep on reading and watch the video.
What does the close of escrow mean?
A term that is mentioned over 35 times in the AAR Purchase Contract is the phrase close of escrow. Many buyers from the east coast mistakenly believe that when they sign the final documents at the title/escrow company, the transaction has closed. Not so in Arizona. Continue reading to find out all the activities surrounding the close of escrow.
AAR Residential Real Estate Contract Contingencies
When the contract has been signed by both the buyer and seller, it’s a done and the buyer must cannot back out, correct? Not so fast! There are events in the contract that must be fulfilled and also give the buyer the opportunity to cancel the contract and receive a refund of their earnest money. The to find out more about these “contingencies”, continue reading.
East Valley Water Ski Lake Communities
Gilbert is home to three water ski communities; SanTan Lakeside Estates, Crystal Point and Playa Del Rey Estates. Nestled at the foot of the San Tan mountains is SanTan Lakeside Estates, home to the most expensive luxury water ski homes in Phoenix.