Arizona Association of Realtors - AAR
The Arizona Association of REALTORS® is the largest trade association in Arizona, representing over 36,000 Arizona REALTORS® belonging to 22 local associations throughout the State of Arizona. Members are active real estate licensees from all areas of real estate, including residential, commercial, property management, land, appraisal, and relocation.
AZDRE Buyer Advisory
A free document created by the Arizona Department of Real Estate to guide buyers through the buying process. More information: Buyer Advisory
Covenants, Conditions and Restrictions ("CC&Rs")
CC&Rs are
created by the developer and recorded against each parcel in the development.
These 'rules of the road' are an integral part of the real estate. The purpose
is to provide the homeowner's association with a means to control certain
aspects of all property within the development. Every property owner is
bound by the CC&Rs. A buyer should consult legal counsel if necessary
to have a clear understanding of each and every provision of the
CC&Rs.
More information:
CC&Rs - REALTOR.com
County Assessor's/Tax Records
The county assessor's records include
the assessed value of the property for tax purposes, plus other information
about the property. Please note: the livable square footage reported here is NOT
necessarily accurate.
More information: Maricopa County Assessor
Homeowner's Association ("HOA") Documents
In addition to CC&Rs,
HOA's may be governed by Articles of Incorporation, Bylaws, Rules and
Regulations, architectural control standards, and/or landscape control
standards. HOAs have been the focus of much scrutiny by the Arizona
legislature over the last few years.
More information:
Arizona - Community Associations
Inspection Report - Physical
The importance of a professional home inspection during the escrow process cannot be over-emphasized. A home inspection is a visual physical examination of the property. The purpose is to identify material defects in the property. The inspector provides the buyer with a written report about the home's condition. Home inspectors and inspection companies are regulated by the State of Arizona. More information: ASHI - Assn of Home Inspectors
Inspection Report - Termites and Other Wood Destroying Organisms
Termites are common in this part of Arizona, but generally inflict little significant damage, especially if detected reasonably early. These inspections are not mandatory, except that lenders usually require a clean/clearance report as a condition to making the loan. The Structural Pest Control Commission ("SPCC") regulates termite inspectors, gets a report of every termite inspection, and can provide the buyer with information regarding past termite treatments on a property. More information: www.sb.state.az.us/wir.htm and http://www.sb.state.az.us/
Lead-Based Paint Disclosure Form
On any property built prior to 1978, the seller must provide the buyer with a lead-based paint disclosure form. More information: Lead Facts
MLS Printout
An extremely critical point - a MLS printout is an advertisement. It is NOT part of the purchase contract.
All information presented must be verified by the buyer. Plus, the purchase contract must be comprehensive for the intent and expectations of the buyer. The contract must specify, for example, personal property to be included with the real estate - such as a refrigerator, washer, or dryer - even though the MLS printout may specifically indicate such items are included. If it's not in the contract, it is not included, no matter what is stated in the MLS.
Public Report
For a new home subdivision, developers are required to
create their 'Public Report', give a copy to prospective buyers, and have the
buyer sign an acknowledgement of delivery. The topics covered in the Public
Report are specified by the State of Arizona. The purpose is to disclose
important facts about the development that might influence a buyer's purchase
decision.
More information:
Arizona - Checklist
Seller's Property Disclosure Statement ("SPDS")
The SPDS is a pre-printed AAR form, which is filled out by the seller of a property. Its purpose is to provide a standard way in which the seller can provide to the buyer a written disclosure of the condition of the property. The buyer should review the SPDS carefully, ask questions about anything unclear, and request clarification or more detail for any items of concern. It is a very good idea to provide the professional inspector a copy of the SPDS prior to the inspection.
Title Insurance, Title Report, and Title Commitment
Title insurance protects the beneficiary from financial loss for the property purchase issues specified in the policy. There is more than one level of protection - the more protection, the higher the cost. A title report is assembled while the transaction is in escrow, and delivered to both buyer and seller. Schedule B of the report lists insurance exceptions/exclusions, which could include encumbrances, easements, and liens against the property, some of which may affect the use of the property. Questions regarding Schedule B documents should be answered by the title or escrow officer, legal counsel, or a surveyor. The 'commitment', which is usually part of the title report, specifies what must be done before the title insurance company will issue a title insurance policy. The most common items here are payoff the loans and liens specified in the Schedule B.
If you have an escrow or title question, contact the Land Title Association at 602-631-3818. The Arizona Banking Department at 602-255-4421 regulates title insurance companies.
More information:
http://www.titlelawannotated.com/
