Escrow & Title
A 'buyer's affidavit' at an Arizona closing is a document where the buyer represents that:
AThey have inspected the property and are satisfied
BThey are purchasing the property for their own use (occupancy, investment), confirming various representations made to the lender during the loan process✓ Correct
CThey waive all future claims against the seller
DThey accept the property in its current condition
Explanation
A buyer's affidavit is a declaration confirming representations made in the loan application—intended use of the property, no undisclosed agreements, no side transactions. It is a standard lender closing document.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Math Concepts
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