Consumer “Bill of Rights” From Arizona Department of Real Estate

Before purchasing or renting Tucson Real Estate it is important to know your rights. When selling Tucson Real Estate it is important to know the rights of the buyer and be sure to disclose any “material” information regarding the property. Both Buyers and Sellers should be aware of information regarding their real estate “Rights”. Here is some information from the Arizona Department of Real Estate:

Arizona home Buyers’ and Renters’ Bill of Rights (A resource for all real estate consumers)
The Arizona Department of Real Estate, in cooperation with industry professionals and the public, created this “Bill of Rights” to help educate you, the consumer, of your rights when purchasing property. As a buyer of real estate in Arizona, you have the right to know material information about the property.
The following list represents some of the important material facts you should educate yourself on before purchasing any type of property in Arizona.
You have the right to know:

• If the property is located in an incorporated city or unincorporated part of the county.
• If title insurance is available and if fire insurance can be acquired.
• If you will have fire and police protection an, if so, who provides this service.
• If the roads provide access for fire protection and police service.
• If the roads are maintained, and by whom.
• If utilities are available, and who provides them. (Water, Electric, Gas, Sewer, Trash)
• If the water supply is adequate.
• If If the jurisdiction the property is located in has conservation restrictions and policies.
• If the property is located in a school district, and the distance to the closest schools.
• If there are any natural or geological hazards, pests or wildlife.
• If there are essential services near the property such as grocery and medical services.
• If there is crime in the area and the crime rate.
• If there is a Seller’s Property Disclosure Statement or an Arizona Subdivision Public Report. You have the right to review these documents before you purchase property.

There may be other items not listed above that you should educate yourself on before buying or renting property. For a larger list, please reference the Buyer’s Advisory Guide found on our website.

Visit www.AZRE.gov to begin answering your questions! We are here to protect you and the public.

Remember, it is important to know your rights when buying Tucson Real Estate.  Likewise, it is important to know your responsibilities when selling Tucson Real Estate.

Buying a Home

The perfect Tucson Real Estate is different for each person. Some things that you will need to do in order to purchase your dream home will be the same no matter what your idea is of the perfect home for you.

1. How much can you afford? – What you can afford depends on your income, credit rating, current monthly expenses, down payment and the interest rate. It is best to visit a lender to find out for sure.
2. Shop for a loan – Save money by doing your homework. Talk to several lenders, compare costs and interest rates, negotiate to get a better deal. Consider getting pre-approved for a loan.
3. Shop for a home – *Choose a Real Estate Agent. *Have a wish list. Decide what features you want. *Have a home shopping checklist and take this list with you when comparing homes. *Know the facts about “fix-ups” home purchase and repair programs. *If you choose a home in a neighborhood with a Home Owners Association (HOA), be sure to request a copy of the HOA packet so you can review before closing.
4. Shop for homeowner’s insurance – Lenders require that you have homeowners insurance. Be sure to shop around.
5. Know your rights as a consumer – There are several lows consumers should know about when buying a home. Take the time to find out more about these laws: *Fair Housing/Equal Opportunity; *Real Estate Settlement Procedures Act (RESPA); *Borrower’s rights; *Predatory lending.
6. Learn about homebuying programs – Lean about homebuying programs in your state. FHA loan programs offer lower down payments and are a good option for first-time homebuyers
7. Make an offer – Discuss the process with your real estate agent. if the seller counters your offer, you may need to negotiate until you both agree to the terms of sale.
8. Get a home inspection – Make your offer contingent on a home inspection. An inspection will tell you about the condition of the home and can help you avoid buying a home that needs major repairs.
9. Sign papers – You’re finally ready to go to “settlement” or “closing.” Be sure to read everything before you sign!

*Italic information above was provided by First American Title and is deemed reliable but not guaranteed.*

With the right planning and research you will be able to purchase the perfect Tucson Real Estate for you.

Stupid Question

One thing I learned while working at the title/escrow company was the fact that there are no stupid questions. Even the most seasoned escrow officer would ask a question if there was any doubt. It was indicated that the only stupid thing would be not to ask the question. Not asking a question puts unnecessary risk into any transaction. It is always best to ask even if you “think” you know the answer to the question.

I have a great group of people who I trust that I will ask when I need a second set of eyes on a problem. Different people see things from different perspectives. With my title and escrow background I can see that there could be issues if a person has financial problems and is attempting to sell a property. I always check to see if taxes are current and if there are any liens on the property. These are things that can complicate a transaction. There is nothing wrong with not knowing the answer to a question. In fact it would be impossible to know everything. What is important is to know how to obtain information if needed. I am lucky in that my time at the title/escrow company gave me many other contacts of whom I can ask more technical property questions. I don’t know all of the answers but I know where to find them.

There will always be questions when purchasing or selling Tucson Real Estate. If you ever have a question regarding a transaction that you are involved in don’t be afraid to ask. If one person doesn’t know the answer to your question ask somebody else. Eventually you will find the answer you need and save yourself possible problems in the future.