What is the buyer advisory?
A statewide buyer and seller advisory is a document used by those in the real estate profession in California. This document is 10 pages long and serves as a guide for all of the things that sellers need to disclose to buyers before they officially transfer the property.
Is SPDS required in Arizona?
Arizona law requires the seller to disclose material important facts about the property, even if you are not asked by the buyer or a real estate agent. These disclosure obligations remain even if you and the buyer agree that no Seller’s Property Disclosure Statement (“SPDS”) will be provided.
How long is a term for an Arizona real estate advisory board member?
six years
The term of office of each member is six years. The membership of the board consists of: Two members, each of whom is a real estate broker with at least five years of brokerage experience in this state.
Do buyers pay realtor fees in Arizona?
It’s not the buyer who pays the commission, it’s the seller. Different states work in different ways, but in Arizona at the time of the listing agreement the seller agrees to a pre-determined commission usually based on a percentage of the gross sales price. There are exceptions, so a buyer should ask.
What is a buyer inspection?
A buyer’s inspection occurs after the buyer has made an offer on the home, and before closing the sale. After a home inspection, the buyer may be able to renegotiate their offer or request repairs if certain issues come up. A seller’s home inspection happens before the home is listed.
What is BIW in real estate?
BIW [Buyer Inspection Waiver] – When you are going inspections with your Buyer(s), inspectors or you may recommend further inspections [i.e. roof, chimney, soils, etc.]. Paragraph 3. Buyer should initial if Buyer did not obtain a Home Inspection.
What happens if a seller does not disclose?
If a seller fails to disclose, or actively conceals, problems that affect the value of the property; they are violating the law, and may be subject to a lawsuit for recovery of damages based on claims of fraud and deceit, misrepresentation and/or breach of contract.
Is Arizona a full disclosure state?
Unlike in some states, the Arizona legislature has not come up with a specific disclosure form that a seller must complete. It actually requires the buyer to acknowledge that the information in the statement is based only on the seller’s actual knowledge.
How many members sit on the Arizona real estate Advisory Board?
ten members
The real estate advisory board is established composed of ten members who are appointed by the governor. The term of office of each member is six years, and the terms of three members expire on January 31 of each odd numbered year.
What does the Arizona Department of Real Estate enforce?
What does the Department of Real Estate investigate? The Department investigates violations of Arizona real estate law and Commissioner’s rules by licensed real estate brokers and salespersons, developers of subdivisions, membership campgrounds, timeshares, private cemeteries, and unlicensed real estate activity.
Does the seller pay the buyer agent commission?
As a buyer, your agent and the seller’s agent split a commission fee – typically 5-6% of the purchase price of the home. And while this fee is technically paid by the seller, it’s factored in to how much sellers list their home for.
How much are closing costs in Arizona?
According to data from ClosingCorp, the average closing cost in Arizona is $4,190.34 after taxes, or approximately 1.05% to 1.4% of the final home sale price.