A new "Buyer Advisory" is now available from
the Arizona Department of Real Estate. It can be viewed
and printed from the Department's web site, at www.re.state.az.us/buyadv.html.
The Advisory is an eight-page document that is chock
full of information for a prospective buyer of any type
of real estate, but particularly for someone looking
to purchase a residence.
The Advisory walks the prospective buyer through a
number of commonly available documents that should be
reviewed, conditions on the property that should be
investigated, and conditions in the neighborhood that
should be checked out. These steps should of course
be taken either before the prospective buyer makes an
offer to buy the property, or during the "contingency
period," which is a period after signing a purchase
contract and before the buyer is obligated to complete
the purchase.
Anyone who is considering buying property should always
make sure the purchase contract provides for a contingency
period. A contingency period can be as long or as short
as the buyer and the seller agree. The buyer should
always see to it that the contingency period is long
enough to allow the buyer to completely investigate
the property, obtain financing, and take whatever other
steps may be necessary to be sure that the property
will suit the buyer's needs.
The Advisory also contains numerous links to other
sources of on-line information, including sample forms,
and suggests other methods to obtain information about
the property. The list is by no means exhaustive, but
does give a number of potentially valuable leads to
other sources of information on various aspects of evaluating
the property. The Advisory also recommends that prospective
buyers obtain a professional home inspection (see my
April, 2002, "Update") and seek professional
advice if any questions arise (which is always a sound
practice).
The Advisory is designed to be distributed by real
estate brokers and salespersons who are working with
prospective buyers to locate available properties. That
doesn't mean that you have to be working with a broker
or salesperson to use it, however. The Advisory is a
very useful source of information for any prospective
buyer of real estate.
| This communication is designed
to bring legal developments of interest to the attention
of our clients and others. It should not be relied
upon as a substitute for specific legal advice in
a particular matter. For further information on
any of the subjects discussed, or for legal advice
in connection with any particular matter, please
contact us. |
