The Arizona Department of Real Estate provides valuable information to buyers and sellers of real estate.
Their Web site is; www.re.state.az.us. On their Web site you will find a Buyer Advisory. This document delineates the diligence requirements of a buyer in a real estate transaction.
The No. 1 suggestion on the Buyer Advisory is that buyers (and this applies to sellers too) read the real estate purchase contract. Experience has shown that too often, unfortunately, parties to a transaction simply sign their purchase, loan, and escrow documents and do not take the time to read or understand what they are signing.
A good practice if you intend to purchase a home or property is to ask your Realtor for a “boilerplate” copy of the purchase contract at your first meeting so you may read and understand it at your leisure, and do not hurriedly sign it in the excitement of the moment. You should also ask your Realtor for an explanation of any part of the document that you do not understand.
Generally, you will get a copy of the MLS printout which describes the features and pertinent attributes of a home or property. As the buyer advisory explains, the MLS printout is similar to an advertisement for the home.
It stresses that the buyer should verify information on the printout that is important to them. There is an old story that buyers reviewed an MLS printout that had 4 bedrooms listed, perhaps in error, when in fact there were only 3.
The buyers viewed and inspected the home several times, however, after they closed on the home and had moved in, they were surprised to find only 3 instead of 4 bedrooms. This is an interesting business.
Square footage of a home is often a consideration in the purchase of a home and can be measured in different ways.
Appraisers have specific guidelines they use in measuring homes, but getting a precise measurement can be tricky. If this important to you as a buyer, you should measure and ascertain the dimensions yourself. County records are often in error and cannot be relied upon to be accurate.
The Buyer’s Advisory is a nine-page document that contains valuable information no matter what your level of real estate knowledge. It is so important, that most brokerages will have you initial every page of the document and acknowledge that you received a copy. The bottom line is that buyers (as well as sellers) have certain responsibilities in a real estate transaction that cannot be ignored.