These tips are not legal advice. They should not be a substitute for advice from professional counsel or the assistance provided by an agent's Designated Broker.
We have all noticed an increase in real estate fraud associated with free and clear vacant land (and even vacant homes). People are posing as "owners" of the property and contacting real estate agents in hopes of them listing their property... usually pushing for a quick cash sale for under market price. Click here to read the full risk tip.
The Residential Resale Real Estate Purchase Contract clearly stipulates that Earnest Money, if any, will be deposited UPON ACCEPTANCE of the offer. As such, it is incumbent upon all agents involved in the transaction to track and receive the earnest money receipt upon contract acceptance. If earnest money has not been received by the escrow agent, it may be necessary to issue a Cure Notice. Consult your broker for additional information.
Whether we are representing buyers or sellers, one of the most crucial pieces of our business is our relationships with other agents, our peers. Our reputation in dealing with them is built over time and often precedes us, setting the tone for collaboration in a transaction. If we have a good reputation, agents will feel good about showing our listings and will be happy when we show theirs. The opposite can also be true. What does your reputation say about you? Ensure your success with this ‘One Thing’ – LEAD with the Golden Rule. In your business, in your life.In our current market, many buyers are prepared to do a marathon house hunt before they make the decision to put in an offer. Whether we show 2 homes or 20, each showing should reflect professionalism and courtesy to our buyer, the seller, and our fellow agent.The following are some reminders to ensure our good reputation as well as a professional, successful, and safe showing of MLS listings to our buyers:
Have you encountered a situation where a person or business is operating as a middleman acquiring, improving, and selling homes? If so, remember per A.R.S. 32-1121 (A) (14), all work performed for the purpose of selling the property, must be performed by licensed contractors if the total aggregate cost (materials and labor) is $1,000 or more, not minor in nature and/or requires a permit.In addition, the name of all of the licensed contractors who performed work on the property and their ROC number(s) must be disclosed in the purchase contract. (A.R.S. 32-1121 (A) (6). Please make sure these requirements are being met per Arizona laws and to protect all parties.
Unsure of when your AGENCY begins and ends or are you acting outside of your Agency relationship?
CHECK WITH YOUR BROKER!
Are You Using the Trademark Correctly?
The National Association of REALTORS® (NAR) is monitoring the use of the trademark. If found in violation, you may be issued a 30 day cease and desist notice to correct your error.
You cannot use the word REALTOR® to describe your occupation. Use the term real estate agent or real estate broker instead. Also, be cautious when using the word realtor in your username. There are specific rules that must be followed.
Link: Top 5 Things You Need to Know About the REALTOR® Trademark
Link: Test Your Knowledge of the REALTOR® Trademarks
Click here to read the full article
Read the Prelim!
HB 2617, effective January 1, 2022, increases the homestead exemption amount from $150,000 to $250,000 and recorded money judgments become a lien against the debtor’s primary residence. Call your title company immediately when you see any judgements or liens in the preliminary title report. Closing could be delayed.
Click on the links below for more information.
Link: Homestead Law and Guidelines for Addressing Judgment Liens
Link: Arizona’s New Homestead Exemption Statutes
Link: Arizona’s New Judgement Lien Execution and Homestead Exemption Statutes
Agents need to be very diligent when working with home buyers who want to check out a New Construction home
1) The site agent DOES NOT represent the buyer, you do, make sure to explain your agency relationship with the buyer. Use the AAR READE form, and Buyer Broker Exclusive Employment Agreement.
2) ALWAYS attend the very FIRST contact with a New Home Site with the buyer-never let them wander there on their own.
3) Make sure to register the buyer at the home site and get a copy of the registration before you leave the home site.
Click here for the complete list
The Federal Emergency Management Association (FEMA) has determined that areas within Southern Arizona, especially parts of Cochise County, Santa Cruz County and Pima County, particularly areas affecting the Town of Marana, may be added to floodplain designations which are associated with a higher risk of flooding. Residents in those areas may be required to purchase flood insurance for their homes and businesses. Floodplain maps and flood insurance information may be viewed online. See www.fema.gov, www.floodsmart.gov. The municipality in which the property is located may additionally have its own floodplain designations and building restrictions. Check with the City of Tucson, Oro Valley, Green Valley, Sahuarita, Marana, and/or http://pcmaps1.pima.gov/mapps/rfcd/parcelsearch/ for additional information.
In addition, check out Floodplain Resources for Real Estate Professionals at https://webcms.pima.gov/cms/One.aspx?portalId=169&pageId=524569.
Also please note, Zone X does not automatically mean that flood insurance will not be needed. Per Pima.gov “ZONE X includes areas where the flood hazard has not been mapped by FEMA but may have been mapped by a local jurisdiction; therefore ZONE X does not necessarily mean there are no flood hazards.”
“R” your letters Love letters or Liability Letters?
No unprotected issues here. For peace of mind read these articles now:
Link: “Love Letters or Liability Letters?”