This week, top-producing real estate sales consultant Justin E. Johnson of The Jason Mitchell Group breaks down what you should know if you plan to buy a home or invest in real estate in 2019.
Investing in real estate remains the rave of the moment even after the negative effects of the recession on the industry. This can be attributed to the fact that real estate properties are one of those possessions a person can own which retains its value over extended periods of time. While most properties would continually depreciate, Real Estate tends to appreciate regardless. What this means is that the price of that property you’ve been eyeing was significantly less this time last year and at the same time, there will not be better time to acquire it than NOW.
Real estate can be acquired for the purpose of business (leasing or renting), for personal use (buying a home) or both. In any case, it is a huge step and requires adequate planning. Before setting out to buy a property, there are a number of things to consider including, but not limited to:
· Reason for purchase which will determine the type of property you buy
· Your budget
· Past seller records
· Cost evaluation of the property
· Laws guiding real estate brokering in that community or state
Buying real estate in Arizona requires a basic contract which consists basically of an offer, an acceptance and a consideration. In simple terms, the seller of the property makes the offer and if the buyer agrees, there is an acceptance, if this is not the case, and they agree on another price (often less than the offer) then a consideration was made.
This contract is expected to contain specific details of what is part of the sale and what should be purchased separately. For example, things like satellite dishes, solar panels and such appliances should be specified as attached or not.
Other contingency clauses are also expected to be part of the contract. In most cases, signatures of the married couple as opposed to a single signature are required to seal the deal. As a salesperson or broker in Arizona, there are some legal requirements like age (you must be above 18 years), required education (about 90 hours of classes) and exam for a broker license and a background check. There is a disclosure form to fill to answer questions concerning utilities, environmental information, sewer/waste water treatment, security, zoning issues, parking, contracts, and termites, but it is not all full disclosure. Not everyone is aware, but as a seller you are not expected to reveal details of any crimes committed on the property, if there is a registered sex offender in the area. You are also not expected to inform the buyer about any disease contracted by previous occupants that cannot be transmitted by common occupancy (for example HIV).
Although it is advised to have legal counsel, it is noteworthy that Arizona is one of the few states where other professionals who are not lawyers can draft a legally binding contract. However, if you are not working with licensed representation, you can find yourself in trouble if the proper documentation and contracts are not properly executed and provided. Although buying and selling real estate comes with so many technicalities (just like any worthy investment opportunities I must add), with the Jason Mitchell Real Estate Group, the process is made fun and easy for you all. And since you are paying the same amount of $ for representation regardless of the team they represent, it’s in your best interest to work with the best. The Jason Mitchell Group is the #1 real estate team in the state of Arizona.
If you are looking for assistance in making a purchase or sell, please reach out to us and we’d be happy to help.
Happy Holidays, and we look forward to seeing you in the 2019!
For more information please contact me, Justin E. Johnson
Request info at: https://thejasonmitchellgroup.com/justin-e-johnson