Do I need a lawyer?
Many states require that the closing on a home be performed by an attorney.
In Arizona, close of escrow on a home is typically handled by an escrow officer
at an escrow company. However, some people do have an attorney review the
sales contract as well as the deed of trust prior to close of escrow.
What is an agency relationship in real estate
and who will represent me?
There are basically three types of agency relationships in real estate: (i)
A buyer’s broker — representing only the buyer; (ii) A
seller’s broker — representing only the seller; (iii) A limited
dual representation — a broker representing both the buyer and the
seller. This typically happens when the home you choose to purchase is listed
with the company of the agent with whom you are working.
In all instances the broker must:
• Exercise reasonable skill and care in the performance of their duties
• Disclose all facts known to the broker which could materially and adversely
affect the price to be paid for the property
• Deal fairly and honestly with all parties to the transaction.
Why do I need a Home Inspection?
To evaluate the physical condition, structure, construction and mechanical
systems (air conditioning, etc.), and identify items that need to be repaired
or replaced and estimate the remaining useful life of all major systems and
equipment.
What is an SPDS?
Sellers are obligated by law to disclose to the buyer all known material facts
about the property. The Seller’s Property Disclosure Statement is divided
into six general sections:
(1) Ownership and Property
(2) Building and Safety Information
(3) Utilities
(4) Environmental Information
(5) Sewer/Wastewater Treatment
(6) Other Conditions and Factors
What is a home warranty?
A home warranty is an annual service plan that provides for the repair or
replacement of covered systems and appliances in the home that may break down
due to normal wear and tear. It is an affordable and popular solution for
home buyers to save money and reduce frustration.
How should I take title?
There are a number of ways to take title in Arizona, such as community property,
community property with right of survivorship, joint tenancy with right of
survivorship, sole and separate, and tenants in common, to mention a few.
Your agent can provide you with information explaining the differences. If
unsure which is best for you, consult an attorney.
What is title insurance?
Title insurance is an insurance policy which protects you against financial
losses should your rights and interests in your property be challenged by
someone else’s claim of ownership. In addition to insuring you against
financial loss, title insurance will also pay the cost of defending you against
a covered claim. In the state of Arizona, title insurance is provided to the
buyer by the seller of the property. It is a one-time premium that is usually
a part of the seller’s closing costs.
What is a closing?
A closing of a real estate transaction is the meeting, usually held at your
escrow officer’s office, where final documents pertaining to the sale/purchase
of a piece of property are reviewed by the parties involved, signed as required
and funds conveyed to complete the transaction. Once the sale has been recorded
in the buyer's name — usually the following day — the property ownership
has been transferred to the buyer.
