In Arizona, dental professionals that are relocating need to find the right practice quickly. By purchasing an existing practice, these dental professionals could trim their initial startup costs significantly. However, they must first find the right practice to suit their needs. The following are commonly asked questions about a dental practice for sale in Arizona.
What is the Projected Down Payment Required?
The down payment requirement depends on the type of loan that is secured for the purchase. Conventional loans will require a down payment of around 20%. Government-backed loans may not require any down payment. However, under these circumstances, the buyer must have excellent credit ratings to acquire the loan.
Can Former Military Personnel Use a Government Loan to Buy a Practice?
They can acquire a government-backed loan through the Small Business Administration. They cannot, however, acquire a government mortgage to acquire these properties. The selected property must meet the guidelines for the government-backed loan. A property inspection is conducted to determine if the property qualifies for these loan products. If it doesn’t, the buyer must choose another loan product or property.
What are the Buyer’s Requirements for the Closing?
The buyer must remit all down payments and earnest money during the closing. They aren’t required to pay cash. They can wire transfer the funds to the seller’s bank during the closing. The buyer must also provide evidence of all required insurance policies as well. This must include property coverage, worker’s compensation, and their choice of liability coverage.
Can the Buyer Acquire Their Own Appraisal?
Yes, the buyer can acquire an appraisal at any time they choose. However, if they choose to order an appraisal, they will incur all costs associated with the services. Additionally, they are not restricted when it comes to selecting an appraiser.
In Arizona, a dental professional could acquire an amazing new practice by choosing an existing property. These opportunities allow the buyer to set up shop quickly and more proactively. They also enable them to reduce common expenses during the initial opening phase. Buyers who want to acquire a dental practice for sale in Arizona visit website for more details.
