Your Home Purchase
Plain English Guide
Prepared for Kiara & Brian Wanner by the Live AZ Co Team
2068 E Tiffany Court
Gilbert, AZ 85298
This guide translates your contract package into plain English so you know exactly what you agreed to, what happens next, and what to watch for. Your offer on 2068 E Tiffany Court, Gilbert, AZ 85298 was submitted on March 31, 2026. The seller has until April 2, 2026 at 6:00 a.m. MST to accept.
This is not legal advice. Please consult an attorney for legal questions.
🏠
Purchase Price
$2,315,000
Jumbo loan
🔒
Earnest Money
$20,000
0.86% · held in escrow
📅
Closing Date
May 8
2026
🏦
Lender
Legacy Mortgage
Jumbo · market rate
1 How the Money Works
Earnest Money
$20,000
Applied to closing
+
Add'l Down Payment
$443,000
~19.1%
+
Jumbo Loan
$1,852,000
80%
=
Purchase Price
$2,315,000
Total
Estimated monthly P&I: ~$12,477/month (at market rate, per your pre-qualification). Total monthly payment cap: $13,477.40 (including taxes, insurance, HOA).
Loan typeJumbo (Conventional)
Pre-qual max loan$2,000,000
Pre-qual expiresJun 14, 2026
Appraisal requiredYes · paid by buyer
Includes: all fixtures, appliances, refrigerator, washer, dryer (as seen in MLS), built-in table and bench, and TV entertainment center in living room.
2 Earnest Money
Amount$20,000
FormBuyer's choice
Deposited withMagnus Capital Title
When is your $20,000 protected vs. at risk?
ProtectedCancel during inspection period
ProtectedAppraisal comes in below $2,315,000
ProtectedLoan falls through despite good-faith effort
ProtectedTitle issues discovered
At RiskYou walk away after all contingencies expire without a valid contractual reason. The seller may keep your $20,000.
3 Title & Escrow
EscrowMagnus Capital Title
OfficerKrista Diaz
Phone480.682.0220
Email[email protected]
Location20852 E. Ocotillo Rd, Ste 101, Queen Creek
Owner's title policySeller pays
Lender's title policyBuyer pays
TaxesProrated at closing
5 days after receiving the Title Commitment to review and raise concerns.
4 What the Seller Disclosed (SPDS)
⚠ SPDS not yet received. The seller must deliver it within 3 days of acceptance. Review carefully when it arrives. This section will need updating once the SPDS is available.
Key items to watch for: roof age, HVAC, plumbing, septic system condition (this property is NOT on public sewer), pest history, unpermitted work, and environmental disclosures.
5 HOA
HOACircle G at Silver Creek
ManagerDesert Vista
Phone480.573.8999
Dues$330/quarter ($110/mo)
Fees at closing:
Transfer fee$200 · buyer pays
Capital improvementBuyer pays
Prepaid duesBuyer pays
Disclosure feesSeller pays
5 days after receiving CC&Rs to review and raise concerns.
6 Inspections
⏱ 14-day inspection period
(longer than standard 10)
Hire inspectors for: home, pest/termite, roof, HVAC, pool/spa, and septic system (required by law).
🔍 Inspections happen
During 14-day window (by Apr 16)
During 14-day window (by Apr 16)
▼
Problems found?
▼
Option A: Cancel
Get earnest money back
Get earnest money back
Option B: Submit BINSR
Written notice of concerns
Written notice of concerns
▼ if BINSR submitted
Seller has 5 days to respond
Agree, counter, or refuse. Silence = refusal.
Agree, counter, or refuse. Silence = refusal.
▼
If seller refuses: You get 5 more days to cancel (earnest money back) or accept as-is.
▼
✅ Repairs completed 3 days before closing with paid receipts. Final walkthrough to verify.
All concerns must be in writing before the deadline. Verbal discussions do not extend deadlines. Silence = acceptance.
7 Warranties & Protections
Sold As-Is
Present condition
Seller must maintain until closing and disclose known issues
Home Warranty
Old Republic
Standard + Pool · up to $1,000 · seller pays
Appraisal Contingency
Must appraise ≥ $2,315,000
5 days to cancel if low appraisal
Septic System
Pre-transfer inspection required
Seller's expense · filing fees split 50/50
Cure Period
3 days
Written notice required before breach
Disputes
Mediation → Arbitration
Loser pays legal fees
8 Agents & Compensation
Your Agents
Josh Hogan & Jacquelyn Shoffner · Real Broker
Seller's Agent
Steven C Zalewski · Polly Mitchell Global Realty
Commission3% (~$69,450)
Paid bySeller
Buyer broker agreement3/23 – 9/30/2026
AgencyExclusive buyer rep
Seller signed a compensation addendum covering 3% to your agents. No commission cost to you.
9 Key Dates & Timeline
Assumes acceptance April 2, 2026. Dates shift if acceptance is different.
Apr 2 (Thu)
Acceptance deadline (6:00 a.m. MST) Deadline
By Apr 5 (Sun)
Earnest money due ($20K). Submit loan application. Seller delivers SPDS.
By Apr 7 (Tue)
Seller delivers insurance claims history and leased items notice.
By Apr 12 (Sun)
Loan Status Update due to seller (10 days).
Apr 16 (Thu)
Inspection period ends (14 days). All written concerns due. Deadline
Within 5 days
Review Title Commitment and HOA CC&Rs after receipt.
By May 5 (Tue)
Loan approval required (3 days before COE). Sign loan docs or deliver notice. Deadline
Before closing
Final walkthrough. Wire funds (verify by phone first).
May 8 (Fri)
🎉 Closing day. Deed recorded. Keys are yours! Closing
$ Estimated Closing Costs
| Item | Amount | Who Pays |
| Down payment (earnest + additional) | $463,000 | Buyer |
| Less: earnest money (deposited) | -$20,000 | Buyer |
| HOA transfer fee | $200 | Buyer |
| HOA capital improvement fee | TBD | Buyer |
| HOA prepaid dues | TBD | Buyer |
| Lender's title insurance | TBD | Buyer |
| Appraisal fee | TBD | Buyer |
| Loan origination + costs | TBD | Buyer |
| Prepaid taxes, insurance, escrow | TBD | Buyer |
| Septic transfer/filing fees (half) | TBD | Split |
| Escrow/recording fees (half) | TBD | Split |
| Owner's title insurance | TBD | Seller |
| Home warranty (Old Republic) | ≤ $1,000 | Seller |
| HOA disclosure fees | TBD | Seller |
| Buyer's agent commission (3%) | ~$69,450 | Seller |
Final numbers come from your Closing Disclosure (from the lender) and settlement statement (from escrow), delivered at least 3 days before closing.
⚡ What to Watch For
Conventional septic system requires a pre-transfer inspection. This property is NOT connected to public sewer. If "Not Functional," seller must repair (up to ~$23,150).
Jumbo loan at $1.852M. Within your $2M pre-qual, but jumbo underwriting is strict. Stay in close contact with Ramon Francis at Legacy Mortgage.
SPDS not yet received. Due within 3 days of acceptance. Review carefully when it arrives.
HOA CC&Rs for Circle G at Silver Creek. Review within 5 days of receipt. Watch for architectural restrictions, rental rules, and special assessments.
WIRE FRAUD WARNING: NEVER wire money based on email instructions. Always call Krista Diaz at 480.682.0220 using a number you already have on file to verify before sending any funds.