REAL ESTATE LAW UPDATE: November 2015
If You Are In The Market For Real Estate, The Arizona Buyer Advisory Is A Good Source Of Information

The Buyer Advisory provided by the Arizona Department of Real Estate and the Arizona Association of Realtors® has been updated as of September, 2015.  It can be viewed and printed from the Association’s web site. The Buyer Advisory is a thirteen-page document full of information for a prospective buyer of any type of real estate, but particularly for someone looking to purchase a residence.

If you are working with a licensed real estate salesperson, the salesperson will probably give you a copy of the Buyer Advisory.  If they don’t, ask for it, or get it yourself.  Better yet, get it and read it before you start working with a salesperson, if you haven’t already started working with one.

The Buyer 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” (also sometimes called the “inspection period”) which is a period after signing a purchase contract and before the buyer is obligated to complete (“close”)  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 Buyer Advisory also contains numerous links to other sources of on-line information, including sample forms, and suggests other methods to obtain information about 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 property. The Buyer Advisory also recommends that prospective buyers obtain a professional home inspection, and seek professional advice if any questions arise (which is always a sound practice).

The Buyer 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 Buyer Advisory is a very useful source of information for any prospective buyer of real estate.


 

NB Hannah

Nathan B. Hannah, attorney

When You Sign Your Trust Agreement, Will, Power of Attorney, and Living Will,
You Should Understand What You Are Signing

I say it every time I meet with someone about estate planning: part of my job is making sure that you understand what you are signing and that all of your questions are answered.

Of course my staff and I do our best, and apply our expertise and experience, to produce top-quality documents. We take pride in the documents we produce.  But that’s not the whole job.

The job includes explaining what we are doing, and why it is important.  That’s at least as important as the physical product.

The job also includes making sure that we understand your needs and produce a finished product that meets those needs.  That requires explaining what we are doing and why, and answering your questions.

So when I say that part of my job is making sure that you understand what you are signing, and that all of your questions are answered, I take it seriously.  I will always do my best to explain your estate planning in clear, plain terms.

 


quote of the month


Nathan B. Hannah is a Shareholder in the Tucson office, and practices in the areas of estate planning and administration, real estate, and commercial transactions.  He is also a noted blogger, and you can find more of his articles on his private blog,

Contact Attorney Hannah:   nhannah@dmyl.com  or  520/ 322-5000


 

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.

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