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HomeMy WebLinkAboutProperty - Acquisitions - 908 E. Sedona Pl. Oro Valley, AZ 85755, Zimmerman DonationFile No.: 2663113 __________ __________ Initial Initial Page 1 of 7 __________ __________ Initial Initial Stewart Title & Trust of Tucson 6831 N. Oracle Road, Suite 101 Tucson, AZ 85704 (520) 797-3212 direct (520) 322-3552 fax darlene.snyder@stewart.com ESCROW INSTRUCTIONS Escrow Officer: Darlene Snyder File No.: 2663113 Property: 908 E Sedona Pl, Oro Valley, AZ 85755 Date: July 30, 2025 Mona L Zimerman, HEREIN CALLED DONOR/EQUITABLE SELLER Town of Oro Valley, Arizona, HEREIN CALLED DONEE/BUYER whose address is: 11000 N. La Canada Drive, Tucson, AZ 85737 Phone: 520-229-4700 Hereby employ Stewart Title & Trust of Tucson to act as Escrow Agent in connection with a sale by Seller to Buyer upon of the following terms and conditions which shall be complied with by said parties on or before August 29th, 2025 or as soon as thereafter as possible unless a demand for cancellation has been made on Escrow Agent as herein provided. The property herein referred to is situated in Pima County, AZ, and is described as follows, to wit: See Exhibit A attached hereto and made a part hereof. Seller describes property Address as: 908 E Sedona Pl, Oro Valley, AZ 85755 Tax Parcel No.: 223-05-3100 Property Value $400,000.00 Earnest Money Deposited with Escrow Agent n/a Earnest Money Paid outside of Escrow, Receipt of which is acknowledged by the Seller n/a Additional Earnest Money Deposit due n/a Equity Gift from Donor to Donee at close of escrow $400,000.00 Encumbrance of Record being assumed by Buyer with an estimated unbalance of n/a New Loan n/a EARNEST MONEY AND DOWN PAYMENT: Buyer has deposited the sum of -0- as earnest money which shall apply towards the Title and Escrow Fees at close of escrow. The balance of the purchase price plus applicable closing costs shall be deposited in escrow by Buyer in the form of cashier’s check and/or wired funds prior to close of escrow. File No.: 2663113 __________ __________ Initial Initial Page 2 of 7 __________ __________ Initial Initial ADDITIONAL TERMS AND CONDITIONS: see Gift Agreement between the Town of Oro Valley, Arizona and Mona Zimerman dated June 18th, 2025 attached to and made a part of herein. All inspections are completed to everyone’s satisfaction with no contingencies. Title shall be conveyed by Special Warranty Deed A portion of the purchase price will be financed by the seller and paid by buyer as follows: The loan amount of will be payable as follows; at an interest rate of [Interest Rate] with a principal and interest payment of $[Principal And Interest] until the balance is paid in full. Real Property taxes, Improvement Lien Assessments, Homeowner’s Association Assessments and Irrigation Fees, if applicable, are to be prorated based on the latest tax or assessment bill(s) available to Escrow Agent at the close of escrow. All transfer fees will be split equally between buyer and seller. The amount of any tax or assessment which is payable at close of escrow shall be paid in full by Seller. Any tax or assessment that may become a lien subsequent to the close of escrow shall be buyer’s responsibility. Escrow Agent is not liable in the event a subsequent tax/assessment bill is different from that used as the basis for proration. Any rents are to be prorated based on a Rent Statement provided to Escrow Agent by Seller and approved by Buyer prior to close of Escrow. Any security deposits will be charged to Seller and credited to Buyer. Funds shown impounded for payment of taxes and insurance based upon an Assumption Statement shall be: ☒Not Applicable ☐Charged to Buyer/Credited to Seller, or ☐Transferred to Buyer at no charge. Escrow Agent is hereby authorized and directed to pay from seller’s proceeds at the close of escrow, all amounts necessary to pay in full any existing encumbrances or liens against the subject property. File No.: 2663113 __________ __________ Initial Initial Page 3 of 7 __________ __________ Initial Initial Buyer shall obtain a new hazard insurance policy OR a customary certificate of insurance normally provided for condominium projects as required by the lender for a new or existing loan. Any charges for express mail or messenger service will be charged to the appropriate party. All items checked below are the obligation of that party to pay: SELLER BUYER Escrow Fee ☐ ☒ Owner’s Title Policy Fee ☐ ☒ Lender’s Title Policy Fee ☐ ☐ Endorsement ☐ ☐ Recording Fee ☐ ☒ Loan Assumption Fee ☐ ☐ Home Warranty ☐ ☐ HOA Resale Disclosure Fee mandatory seller fee ☒ ☐ HOA Transfer Fee ☐ ☒ Termite Inspection ☐ ☐ Septic Certification ☐ ☐ Well Transfer Fee ☐ ☐ Recon Tracking Fee ☐ ☐ Overnight Fee ☐ ☐ Courier Fee ☐ ☐ Email Doc Fee ☐ ☐ Wire Fee ☐ ☐ Special Services Fee ☐ ☐ Account Servicing Set Up Fee ☐ ☐ Impound Setup Up Fee ☐ ☐ Tax Service Fee ☐ ☐ [Enter Data] ☐ ☐ Real Estate Commission, if any, will be paid as shown on separate agreement. Any difference in the amount of encumbrance(s) assumed shall be reflected in: n/a ☐ Cash payment due at close of escrow ☐ Sales Price or ☐ Deferred balance Due Seller. Is the property located in Rural Metro Fire District ☐ Yes ☒ No Will the annual Rural Metro fee be prorated ☐ Yes ☒ No Sewer or On-Site Wastewater Treatment System? The premises are connected to a: ☒ sewer system ☐ septic system ☐ alternative system Is there a well located on the property? ☐Yes ☒No. If yes, prior to close of escrow, Seller shall deliver to escrow agent a copy of the Arizona Department of Water resources (ADWR) “Registration of Wells” in order for escrow agent to send a “Change of Well Information” to the ADWR. File No.: 2663113 __________ __________ Initial Initial Page 4 of 7 __________ __________ Initial Initial When these instructions have been complied with, Escrow Agent shall deliver for recording in the appropriate public office all necessary documents, disburse all funds, and issue the title insurance policy. SELLER AND BUYER UNDERSTAND AND AGREE THAT: Escrow Agent’s employees are not licensed real estate agents or attorneys and are prohibited from giving legal, real estate or investment advice and will not negotiate the transaction. These Escrow Instructions and any amendments or supplements thereto form the only binding contract wherein Seller agrees to sell and Buyer agrees to purchase the subject property under the terms and conditions herein. They will deposit with Escrow Agent the necessary documents and funds to complete this transaction. They will authorize Escrow Agent to deliver or record the documents at the appropriate time. All monies payable shall be paid to Escrow Agent unless otherwise specified. They authorize Escrow Agent to pay from said funds all amounts necessary to procure the documents and pay charges and obligations necessary to consummate this transaction. They authorize Escrow Agent to act upon any statement furnished by a lien holder or his agent without liability to Escrow Agent. In the event any check given by Buyer is subsequently dishonored after Escrow Agent has disbursed on it, Seller agrees to refund any remittance made to seller to the amount of said dishonored check. They will pay all costs, damages, attorney’s fees and expenses which Escrow Agent may incur or sustain in connection with these instructions, except as caused by the gross negligence of Escrow Agent. These Escrow Instructions and any amendments, or supplements thereto shall have no effect until signed by the Seller and Buyer and delivered to Escrow Agent. No instruction, demand or notice shall be effective unless it is in writing and signed by the party making such instruction, demand or notice. Escrow Agent shall not be bound by, nor be obligated to act upon, any instruction, demand or notice not in writing and signed by said party. These Escrow Instructions and any amendments or supplements can be executed in counterpart and each counterpart, when taken together, shall constitute one and the same original documents. They grant to Escrow Agent the right to execute on behalf of the Seller and Buyer herein the Affidavit of Value, using the total consideration for the established value. Should Escrow Agent or County Recorder be closed on day of compliance with these instructions, the requirements may be met on the next succeeding day Escrow Agent is open for business. “Close of Escrow” shall mean recording of documents. At any time and in its sole discretion, Escrow Agent can resign as Escrow Agent by sending written notice to all parties to the escrow. All money and documents held by Escrow Agent will be returned to the party who delivered them into escrow. The title insurance provided for, unless otherwise specified herein, shall be evidenced by an ALTA Homeowner’s Title Policy or, if not available, an ALTA Residential Title Insurance Policy or, if not available, the standard form of title insurance policy of Stewart Title Guaranty Company on file with the department of Insurance of the state of Arizona. File No.: 2663113 __________ __________ Initial Initial Page 5 of 7 __________ __________ Initial Initial Escrow Agent shall have no responsibility for: • Possession of Property • Transfer of Utilities • Collection of cancellation premiums from seller’s hazard insurance • Renewal, procurement, assignability or effectiveness of flood, hazard or other insurance. • Transfer of personal property, investigation and/or payment of personal property taxes. • Treatment of wood infestation. CANCELLATION Any party who wishes to cancel this Escrow because of any material breach by the other party, and who is not in material breach except as occasioned by a material breach by the other party, may cancel this Escrow by delivering written notice of cancellation to the breaching party and to Escrow Agent, stating the nature of the breach. Cancellation shall become effective immediately upon delivery of the written notice of cancellation to the breaching party and Escrow Agent. In the event of a dispute between Buyer and Seller regarding earnest money deposited with Escrow Agent, Buyer and Seller authorize Escrow Agent to release earnest money pursuant to the terms and conditions of these Escrow Instructions. Buyer and Seller specifically authorized Escrow Agent to act in its sole and absolute discretion in the release of earnest money. Buyer and Seller agree to hold harmless and indemnify Escrow Agent against any claim, action or lawsuit of any kind and from any loss, judgment or expense, including costs and attorney’s fees arising from or relating in any way to the release of earnest money. Seller and Buyer acknowledge that some escrows, including For Sale By Owners are of complex nature or require special services. Escrow Agent requires an additional fee or charge for those escrows in the minimum amount of $125.00, but not more than twice the basic escrow fee, paid at the acceptance and opening of the escrow shall be non-refundable special services charge. Should the escrow cancel for any reason, Seller and Buyer agree that the additional fee or charge shall be retained by Escrow Agent as a special services charge. Upon the close of escrow, the additional fee or charge shall be credited against the closing costs of the party depositing the money as shown below: Amount of additional fee or deposit paid by Seller 0 Amount of additional fee or deposit paid by Buyer 0 Total 0 FUNDS The money deposited with Escrow Agent will be deposited into a non-interest bearing account with a financial institution (the “funds depository”) whose deposits are FDIC insured in accordance with current government regulations. File No.: 2663113 __________ __________ Initial Initial Page 6 of 7 __________ __________ Initial Initial If so instructed by Seller or Buyer, Escrow Agent will invest any deposited funds in an interest bearing account established in the name of Escrow Agent. The depositing party has a right to earn interest on any escrowed funds which are deposited in the interest bearing account. A good faith estimate for interest earned on a typical investment account with a federally insured institution is as follows: deposits of $1,000.00 at 5% per annum would earn approximately $4.17 per month, or at 6% per annum approximately $5.00 per month. The account may be established by contacting the Escrow Agent at the telephone number or address listed on the first page hereof and executing Escrow Agents customary investment instruction. NOTICES GOOD FUNDS LAW All parties are aware and understand that Arizona Revised Statutes Section 6-843 requires that an Escrow Agent disburse money from an escrow account only if funds are deposited and available for withdrawal. Availability of funds is determined as follows: i. ELECTRONIC TRANSFERS (“wired funds”) are available for disbursement THE SAME DAY AS RECEIVED ii. CASHIERS CHECKS, CERTIFIED CHECKS OR MONEY ORDERS are available for disbursement THE SAME DAY AS DEPOSITED iii. CHECKS made by an affiliate of a state or federal depository institution when the check is drawn on that institution are available for disbursement THE SAME DAY AS DEPOSITED. In order to avoid unnecessary delays of two days or more, please use the above methods of payment whenever possible. PURCHASE DWELLING ACTIONS NOTICE: Pursuant to Arizona Revised Statutes Section 12-1363.L, notice is hereby provided to the purchaser of a dwelling of the provisions of Arizona Revised Statutes Sections 12-1361, 1362 and 1363. These statutory sections set forth the requirements to be met by a purchaser prior to bringing an action against the seller of a dwelling arising out of or related to the design, construction, condition or sale of the dwelling. “Dwelling” means a single or multifamily unit designed for residential use and common areas and improvements owned or maintained by an association or its members. “Seller” means any person, firm, partnership, corporation, association or other organization engaged in the business of designing constructing or selling dwellings. The complete statutory sections (located in House Bill 2620) can be viewed on the Arizona State Legislature’s web site: www.azlef.state.az.us/legtext/bills.htm File No.: 2663113 __________ __________ Initial Initial Page 7 of 7 __________ __________ Initial Initial PRIVACY NOTICE (15 U.S.C. 6801 AND 16 CFR Part 313): We collect nonpublic information about you from information you provided on forms and documents and from other people such as your lender, real estate agent, attorney, escrow, etc. we do not disclose any nonpublic personal information about our customers or former customers to anyone, except as permitted by law. We restrict access to nonpublic personal information about you to those employees who need to know that information in order to provide products or services to you. We maintain physical, electronic and procedural safeguards that comply with federal regulations to guard your nonpublic personal information. ______________________________________ Mona L Zimerman Town of Oro Valley, Arizona By:________________________________ Jeff Wilkins, as Town Manager Certificate Of Completion Envelope Id: 2A4D9831-E93E-488E-A8A0-245ABFDFD23A Status: Completed Subject: Complete with Docusign: Escrow Instructions Tucson.pdf GF#: Source Envelope: Document Pages: 7 Signatures: 1 Envelope Originator: Certificate Pages: 2 Initials: 7 Darlene Snyder AutoNav: Enabled EnvelopeId Stamping: Disabled Time Zone: (UTC-06:00) Central Time (US & Canada) 1360 Post Oak Blvd #100 Houston, TX 77056 darlene.snyder@stewart.com IP Address: 162.10.144.10 Record Tracking Status: Original 7/31/2025 9:37:17 AM Holder: Darlene Snyder darlene.snyder@stewart.com Location: DocuSign Signer Events Signature Timestamp Jeff Wilkins jwilkins@orovalleyaz.gov Security Level: Email, Account Authentication (None) Signature Adoption: Pre-selected Style Using IP Address: 192.35.194.249 Sent: 7/31/2025 9:39:25 AM Viewed: 8/1/2025 12:06:44 PM Signed: 8/1/2025 12:08:16 PM Electronic Record and Signature Disclosure: Accepted: 8/1/2025 12:06:44 PM ID: 2dbe814d-8994-49a8-8472-19802ff8a116 Company Name: Stewart Title Company In Person Signer Events Signature Timestamp Editor Delivery Events Status Timestamp Agent Delivery Events Status Timestamp Intermediary Delivery Events Status Timestamp Certified Delivery Events Status Timestamp Carbon Copy Events Status Timestamp Witness Events Signature Timestamp Notary Events Signature Timestamp Envelope Summary Events Status Timestamps Envelope Sent Hashed/Encrypted 7/31/2025 9:39:25 AM Certified Delivered Security Checked 8/1/2025 12:06:44 PM Signing Complete Security Checked 8/1/2025 12:08:16 PM Completed Security Checked 8/1/2025 12:08:16 PM Payment Events Status Timestamps Electronic Record and Signature Disclosure All communications in either electronic or paper format from Stewart to you will be considered “in writing.” If you prefer, you may receive information and sign Transaction documents by electronic means. To do this, Stewart requires your general consent to use Electronic Communications and Electronic Signatures in connection with Transaction. You can consent to receive these materials electronically using e-mails and Electronic Communications by signing below. Please know that you are not obligated to sign electronically; electronic signatures are for your convenience. You have the right to have any Transaction document and communication provided in paper form by contacting Stewart. You have the right to withdraw your consent by contacting Stewart. Further contact details are provided in the attached consent form. However, any documents you signed electronically before you withdrew your consent will be considered legally valid and enforceable. Electronic Record and Signature Disclosure created on: 5/8/2023 10:16:52 AM Parties agreed to: Jeff Wilkins