Property investment in Arizona
There is quite a bit of real estate available in Arizona, because new homes are being built constantly. If you’ve ever been to Arizona, you may be surprised by its vast open spaces – and even the new developments that spring up don’t seem to take anything away from all of that wide open space. In fact, all of that beautiful space is what attracts many people to the Arizona real estate market!
Many people buy real estate from a distance, sight unseen. While this practice can be used to scam people out of their hard-earned money, if you follow certain guidelines you and your money should be relatively safe. Start by understanding what documents you should see throughout the sale process.
The first thing you should see is the MLS printout. MLS stands for Multiple Listing Service. The MLS printout is a copy of the listing that was sent out by the service. It contains a description of the property, and there may be statements made in the MLS that need to be verified for accuracy. If the property or home is in a new sub-division, you need to ask for the Public Report as well.
Other important documents that you should request include the Seller’s Property Disclosure Statement (SPDS), Covenants, Conditions, & Restrictions (CC&Rs), governing documents from the Home Owner’s Association, HOA Disclosures, the Title Report, the Home Warranty Policy, an Affidavit of Disclosure, Lead-Based Paint Disclosure, County Assessors Records, and a Professional Home Inspection Report. Make sure that you get a copy of all of these documents, for your own protection. It is a good idea to have your lawyer look at these documents as well.
There is quite a bit of information that you need to learn about a property in the state of Arizona before making a purchase. For instance, some places in the state may be infested with scorpions, which are quite common in Arizona and are hard to get rid of. Some areas of Arizona contain soil and groundwater that has been contaminated by improper disposal methods. All of this information can be found at the Arizona Department of Real
Estate (http://www.re.state.az.us/). You should use the various online maps that are available to stay away from less desirable properties.
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