Real Estate in General

Arizona Appetizers

Pat Pryor — Sat, 16 Jul 2011 22:36:23 GMT

Maybe some of these will tempt your appetite for Arizona. Millions of visitors come to explore the Arizona sunshine each year. Well over half of the state's population live in the Phoenix area and less than half of those have lived in the state more than 20 years. People seeking sunshine and those hoping to never see snow shovels, snow blowers or ice scrapers and those leaving earthquakes, floods and poor economic conditions are motivated to move. Whether you are in an urban center or rural village, you'll find the emphasis is on sun and relaxation. Arizonans live in a vacation playground and have adopted the philosophy of taking time to stop and enjoy the beauty that surrounds them. There are vast areas of wide open, uninhabited spaces.

How hot is hot - In June of 1990 the temperature reached 122 - the airport even closed down.
The body does adapt to the weather and the heat, After a few years, you may feel more comfortable at the higher temperature/dry heat than the lower temperature/high humidity level. If you have the time, visit the area of the state that interests you the most at different seasons and see if you like the weather conditions.

Geology - Rare geological formations provide endless challenges for explorers. From the rim of the Grand Canyon to the river will provide centuries of geological change. Rocks of all shapes, sizes and minerals are available. Some are - copper, silver, gold, pumice, zinc, turquoise, peridot, petrified wood and fire agate.

Native Americans - The Indian Tribes own 19,550,000 acres of reservation land. About 2/3 of the tribal members live on the reservation. Several Indian tribes operate casinos and are known for their crafts of woven tapestries, jewelry, pottery, basketry, sand paintings and Kachina dolls.

Homes - Stucco, frame, brick and block have replaced the older adobe for building materials.
There is rarely a basement and many older homes have carports rather than garages. Most are one story ranch-style design or pueblo-style. Roof is generally composition shingles or tile. Evaporative cooler units (swamp coolers) pull air thru a wet (water) pad and circulate the air thru the house. Air conditioning is the general with some homes having both Evap and AC. Solar heating is becoming popular. Many Phoenix area homes feature a swimming pool, apartments and subdivisions have them as well. So you are usually within reach of refreshment.

55+ Communities - Abound the in east valley - Mesa area. They will vary in their rules and restrictions. Residents must be 55 or older (some are 45 - some are one resident must be 55 while
anyone else must be 45), some are guarded, gated and patrolled - others are not or somewhere in between, some have nearly every amenity that can be thought of - others have none or somewhere in between, some are 50 years old or can be new - or somewhere in between. You get the idea - so much is available.

Disclosures

Pat Pryor — Thu, 03 Feb 2011 16:34:00 GMT

Again, this must serve as an overview of some of the things that you may run across.

All parties involved in a real estate transaction; sellers, buyers, brokers and lenders have some disclosure duty. Failure to disclose and misrepresentation claims generally make up the majority of real estate disputes.

Disclosure obligations originate from statutes, common law, administrative rule - Lead base disclosure is a Federal statute - pool barrier, airport, condominium/planned unit disclosures are Arizona statues. A broker
must disclose to the client a complete and full disclosure of all known material facts that might affect the clients decision to buy or sell a property (such as informing the seller that they should require security for a carryback financing).

The Arizona Department of Real Estate requires a broker to disclose:
* All offers
* Any known information that the buyer or seller is or may be unable to perform
* If the broker has any interest in the transaction
* If the broker is receiving any profit (above the commission) for the transaction
* The name of any employing broker receiving compensation

Besides some of the above the seller must disclose notice of soil remediation, if the property is located in an
unincorporated area, subdivision disclosures or dangerous drug lab. A buyer must disclose any contingencies - must sell existing home in order to qualify for financing or filed bankruptcy.

This will give you some idea as to what to expect.

Welcome

Pat Pryor — Thu, 03 Feb 2011 16:20:00 GMT

This is to give you information so that buying and selling a home is an interesting and enjoyable time. I am not a lawyer but I do have 16 years in the business and have extra education in my designations.
I am also relying on checking my facts with a book by K. Michelle Lind, General Counsel for the Arizona Association of Realtors. Saying that, I will do my best at providing information but I am far from infallable.

This blog is labeled Leisure World info. There will also be information on other areas nearby and real estate in general. Hope you enjoy and please leave feedback or questions. And please bear with me as I learn how to use this.

Pat Pryor, ABR, CRS, GRI, SRES
Cactus Realty Consultants
Mesa, Az. 85206
480-924-2487


www.patpryor.com
www.leisureworld.org
www.verdegrovesaznb.com

Contracts

Pat Pryor — Thu, 10 Jul 2008 22:16:00 GMT

I know this will not be a complete explanation but it can serve as an overview.

Contracts are the basis of buying and selling real estate. A contract is a legal document that affects the buyer, seller, brokers, and every other person involved in a real estate transaction. The contract in a real estate transaction can prevent problems or cause disputes. If the basic contract law principles are applied, each transaction will proceed more smoothly, with fewer disputes and less liability for the parties involved.

For a valid contract to exist there must be an offer, acceptance, consideration and sufficient specificity so that the obligations involved can be ascertained. Real property contracts must meet certain other requirements and usually contain numerous other important provisions relating to the transaction.

A contract for the sale of real property must be in writing and signed by the party to be charged to be enforcable.
Any modifications must also be in writing and signed.
Both husband and wife must sign a real estate contract for the community property to be obligated. If this is
impossible, one spouse may sign the documents on behalf of the other pursuant to a power of attorney.
An "offer" is an expression of willingness to enter into an agreement which creates a power of acceptance premitting it to transform into a contract.
"Acceptance" of an offer must be in the exact terms as the offer, and any attempt to change the terms becomes a
counteroffer, which rejects the offer.
"Consideration" may be earnest money or "$10 and other valuable consideration" or may involve a promise for a promise.
"Sufficient Specificity" must be clear and contain all of the material terms of the transaction. All critical provisions
must be specified and agreed upon.
"Parties" identity of the buyer and seller (must be 18 or older) should be set forth with specificity. All parties must be competent.
"Property Description" must be identified so that it can be ascertained. Preferably by legal description.

Agency

Pat Pryor — Mon, 16 Jul 2007 21:07:00 GMT

Who is representing you and acting in your best interest?
One of the first decisions to be made on your first meeting with a Realtor will be deciding Agency

There are 3 types of Agency -

1. Seller's Broker: A broker under a listing agreement with the Seller acts as the broker for the Seller only.
       Has fiduciary duties of loyalty, obedience, disclosure, confidentiality and accounting in dealings with the Seller

2. Buyer's Broker: Agrees with the Buyer to act as the broker to the Buyer. Has fiduciary duties of loyality,
       obedience, disclosure, confidentiality and accounting in dealings with the Buyer.

3. Dual Agency: Occurs when one broker or two salespeople within the same brokerage firm, represent both
       the buyer and the seller in a real estate transaction. Dual representation is lawful with prior written
       consent. Dual representation involves inherent conflicts (disclosure of any confidential information that
       would place one party at an advantage over the other party such as price, financing terms, repairs or              motivation). The broker(s) attempts to serve two clients, both of whom have an interest in completing a
       real estate transaction on the best terms possible. Therefore, difficult questions often arise.

After termination of an agency relationship, the fiduciary duty is ended. However, confidential information must remain confidential after the termination.