Selling a home in Arizona

Arizona is home of the famous Grand Canyon. It is a desert state which features various landmarks such as parks, monuments, national forests and Indian reservations. Many people still choose to live here despite the area’s hot weather. Compared to other states, real estate laws here are not very stringent and allow the use of standard forms in business deals.

A common form required by law in selling a home in Arizona is the seller’s property disclosure statement (SPDS). This specifies the real condition of your home which is provided to the buyer. And just like in Alabama, sellers of homes built before 1978 are required to reveal information to potential buyers about the lead content of the paint used in the house. They should fill up a lead-based disclosure form.

Deciding on the price

Home sellers are now becoming more reasonable with their prices, according to the National Association of Realtors (NAR). Latest reports say they are adjusting to the current market conditions and are now offering competitive prices including incentives to aid people buying a home for the first time.

Be sure to set a fair market price in selling your home. A research on your local market about pricing information and consultation with a financial adviser will do you good. Avoid overpricing your home as it may only end up staying too long on the market. Buyers are usually not keen on purchasing a home that remains unsold for quite some time.

In setting your sale price, consider the age and condition of your house, the status of your local real estate market and the sales of homes in your area. Exert extra effort to beautify your house to attract potential buyers. If needed, repaint your home’s interior and exterior, reorganize your appliances and other accessories and fix important systems that are not working properly. Once you’ve done this, take photos of your property and include them in websites that offer free listing or print out flyers which you can give out to people in your neighborhood.

Written Sales Agreement

Any financial transaction especially one involving a real estate property should always have a written sales agreement. In the sale of residential property, the sales agreement or contract is usually an offer to purchase your home or what they sometimes call the purchase agreement. It should be written according to your state’s real estate laws and cover aspects relevant to your location. If you are not confident about any written offer given to you by a prospective buyer, by all means consult a real estate lawyer and have your contract reviewed before signing it. A legal advice should help you and will even save you money.

A contract normally includes a legal description of the property, the sale price offered, down payment and mode of payment for the remaining balance, financing arrangements, list of fees and who will be responsible for payment, amount of deposit, inspection rights and allowance for repair, method of delivering the title and the person to handle the closing, the items included and excluded from the sale, the closing date and other contingencies.

As the seller, you may need to negotiate the offered purchase price, financing scheme, repairs needed in the house, appliances and other items, closing costs and allowable time for occupancy.

Fees involved

In Arizona, liens charged to your property may include mortgages, mechanics’ liens, judgment liens and tax liens.

The state of Arizona requires the payment of several charges once the sale of a property has been closed. These closing costs may include bring-down fee, processing fee, document preparation fee, documentary transfer stamp tax, flood certification fee, inspection fee, loan tie-in fee, photo fee, tax service fee and underwriting fee.

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