Important Arizona Real Estate Documnets
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Scottsdale Real Estate - Phoenix Real Estate
Common Documents a Buyer should review:Be an informed buyer!
Important AZ Real Estate Documents:
Purchase Contract Buyers should protect themselves by taking time to read the Arizona standard real estate purchase contract and understand the legal rights and obligations before they submit an offer to buy a property. Contact us at garyandclaudia@cox.net for a copy of the document Sellers Property Disclosure Statement (SPDS) Most sellers provide a SPDS. This document poses a variety of questions for the seller to answer about the property and its condition. A buyer should carefully review the SPDS and verify those statements of concern. The ADRE advises, "Read the seller's property disclosure report and check every item on it. Ask to see receipts for repairs to the home. Read the purchase contract carefully to determine if there are any deadlines for challenging the SPDS report or for having your own inspections conducted." Reviewing the seller report is not a substitution for professional inspections. Property Buyer's Checklist Buyer's Advisory This advisory is designed to make the purchase of real property as smooth as possible. Some of the more common issues that a buyer may decide to investigate or verify concerning a property purchase are summarized in this Advisory. Included in this Advisory are: (1) common documents a buyer should review; (2) physical conditions in the property the buyer should investigate; and (3) conditions affecting the surrounding area that the buyer should investigate. MLS Printout A listing is an agreement between the seller and the listings agent. This authorizes the listing agent to submit the Multiple Listing Service (MLS). The MLS printout is similar to an advertisement and contains various abbreviations and symbols. Neither the listing agreement nor the MLS printout is a part of the purchase contract between the buyer and the seller. The buyer should verify any important information contained in the MLS. New Homes: The Subdivision Public Report Developers are required to give new home buyers a subdivision an Arizona Department of Real Estate (ADRE) Public Report. The Public Report should be read before signing any contract to purchase a new home. Public Reports dating from January 1, 1997, are now available on the ADRE website at http//159.87.254.2/publicdatabase. Covenants, Conditions and Restrictions (CC&R's) The CC&R's are recorded against the property and generally empower a homeowner's association to control certain aspects of the property use within the development. By purchasing a property in such a development, the buyer agrees to be bound by the CC&R's. Thus, the CC&R's form an enforceable contract. The ADRE advises buyers to - Read the deed restrictions also called CC&R's. Homeowner's Association (HOA) Governing Documents In addition to the CC&R's, HOA's may be governed by Articles of Incorporation, Bylaws, Rules and Regulations/ The HOA is a place to own and operate portions of a planned community and attempts to preserver the value of the property in the planned community. Be aware that that some HOA's impose fees that must be paid when the property is sold. HOA's are regulated by Arizona statutes, however they are not under the jurisdiction of the Department of Real Estate. HOA Disclosures If purchasing a resale home in a condominium or planned community, the buyer must be provided with a disclosure containing a variety of information such as the principal contract for the association, assessments, the money held in reserves etc. For additional information regarding Arizona Relocation, please send direct e-mail request to GaryandClaudia@cox.net or call our Toll Free Number 866-464-2140
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