October 28, 2020
The “For Sale” signs you see in your neighborhood make one thing clear: Arizona is again a top destination for home buyers. This is especially true for people living in high cost areas like Los Angeles, San Francisco and Seattle. https://azbigmedia.com/real-estate/residential-real-
estate/housing-market-in-2020-heres-what-to-expect-in-arizona/.
But locals are buying homes too. If you are one of those buyers looking to buy a home in such a hot market, what issues should concern you? We at RSNLaw can offer some insight and guidance.
First, diligent homebuyers research the market and get to know the developer/builder/seller. The Arizona Department of Real Estate (https://azre.gov/online-services) and the Arizona Registrar
of Contractors (https://roc.az.gov/) provide valuable information on new home builders and contractors who may have worked on a previously owned home.
Second, it is imperative to read the Purchase Contract and, importantly, the Seller Disclosure Statement (“SPDS”). The Contract and SPDS, when read together, set forth and identify any and all potential issues, including water intrusion, leaks, construction or mold issues, with the home. In Arizona, home sellers are required to disclose facts which are of a ‘material importance’ to a homebuyer. As such, the Buyer must take heed of these important documents and deadlines as the SPDS is designed to protect the seller.
Third, homebuyers interested in learning all they can about their potential investment hire a licensed home inspection company. It is advisable to find an inspection company that has not been sued (https://www.superiorcourt.maricopa.gov/docket/CivilCourtCases/Index.asp) and or received bad marks with the Arizona Better Business Bureau. (https://www.bbb.org/us/az). Keep in mind, many inspection companies insert a ‘limitation of liability clause’ into their contract – contracts which are rarely seen by anyone other than the real estate agents. It is smart to request the contract and stay on top of the inspector during the inspection. Often, home sales go forward without any issues and people come away happy and satisfied with their purchase.
However, if you have discovered issues or believe the seller may not have been entirely truthful during the transaction, please feel free to contact us at (480) 712-0035 or admin@rsnlawaz.com and the lawyers at RSNLaw can help.
RSN Law intends this article to be for informational purposes, not to be relief on a specific legal matter, and do not create an attorney-client relationship.