In some states, both the broker who lists the property for sale and the broker who works with the buyer (sometimes called a co-broker) are paid by the seller and are the seller’s agent. Both brokers’ duty, loyalty and faithfulness are owed to the seller. They must reveal to the seller all of the important information they know that might affect the buyer’s decision concerning the sale of their property.
- the buyer’s agent must act in the best interest of the buyer.
- the buyer’s agent must follow the lawful instructions of the buyer and disclose all material facts, including: existence of other offers, status of earnest money, seller’s financial condition, property’s true worth, and legal effects of important contract provisions.
- any discussions, facts, or information that should not be revealed to the sellers will not be revealed unless instructed by the buyer in writing
- the buyer’s agent must advise the buyer of a reasonable purchase price, investigate the material facts related to the sale and affirmatively discover material facts and disclose them to the buyer.
Property taxes on owner-occupied residences are levied on Assessed Value. In Scottsdale, which is situated in Maricopa County, Assessed Value is 10% of Full Cash Value.The Full Cash Value could be different (usually lower) than the price you paid for your home.
First of all, we recommend that you discuss the various title options with your lawyer or accountant before making any decisions that will affect the title to your new property. Here are some of the options that may be available to you:
- Community Property: for married persons only. The State of Arizona assumes all property acquired by husband and wife is community property. One spouse cannot partition the property by selling his or her interest, but each spouse can will one-half of the community property separately.
- Community Property with Right of Survivorship: for married persons only. As above, except: upon the death of one spouse, the estate passes to the other spouse outside of probate.
- Joint Tenancy with Right of Survivorship: this method of ownership gives title to the last survivor. The individuals can be either married or unmarried, but married persons must specifically accept the joint tenancy to avoid the presumption of community property. Each joint tenant holds an equal interest in the estate, and can partition the property by selling his or her joint interest. Upon death, the estate passes to the surviving Joint Tenants outside of probate.
- Tenancy in Common: parties do not have survivorship rights and each owns a specific interest in the entire title. Each tenant’s share can be conveyed, mortgaged, or devised to a third party. Upon death, the tenant’s proportionate share passes to his or her heirs.
- Sole and Separate: real property acquired by a spouse before marriage or any acquired after marriage by gift, descent, or specific intent. If a married person acquires title as sole and separate property, his/her spouse must execute a disclaimer deed.
- Corporation: title may be taken in the name of a corporation if that corporation is duly formed and in good standing in the state of its incorporation.
- General Partnership: title may be taken in the name of a general partnership duly formed under the laws of the state of the formation of the partnership.
- Limited Partnership: title may be taken in the name of a limited partnership under the laws of the State of Arizona or another state. A Certificate of Limited partnership must be filed in the Office of the Secretary of State, a certified copy of which must be recorded.
Again, please consult your attorney or accountant before making any decisions on how you will hold title to property in Arizona. The Matheson Team members are real estate agents in Scottsdale – we are NOT lawyers or accountants. The options above are just informational, and should not be construed as legal advice.
If you go through the builder directly, they are going to look at you as a customer. When you use an agent, like one of the Buyers Agents on The Matheson Team, you become our client. Buyers Agents have fiduciary duties to their clients. Builders have the duty of disclosure, but they don’t necessarily have the same fiduciary responsibility that Buyers Agents do. Your Matheson Team agent looks out for you and your interests during the home buying process. We can act as the intermediary between you and the home builder. We will be with you when you register with the builder, and can ask questions that you might not think of. Having your agent with you during the contract phase will give you extra assurance, as we will review the contract and make sure your questions are answered. Sometimes, an agent who is independent of the builder may be able to negotiate a better price and/or better terms for you. Once the contract is signed, we are there to assist you at the appointments that are necessary during the home-building process:
- We can offer you advice at the design center because we know what can hinder or enhance your resale value, and can suggest finishes that may be more appropriate to your plans. Builders make the most profit from design center upgrades, and have salespeople there to promote the options - we can help you allocate your money to choose upgrades that will enhance your home’s value while staying within your budget.
- We can meet with vendors who must access your property before the sale closes if you are unable to be there. For example, you may need windows or rooms measured for window treatments or flooring, or an electrician to verify where you want your surround sound speakers to be placed.
- We can attend the inspection and the builder walk-through to point out areas of concern and make sure all of your questions are answered to your satisfaction before you take title to your new home.
As your agent, we want to make sure you are getting the best deal possible. We will negotiate on your behalf and can recommend things the builder will not tell you about, like having an independent inspection before the builder walk-through.
There is no cost to you if you decide to employ a Buyers Agent. Real estate is one of the biggest purchases you will make in your life, and it is prudent to make sure you have an expert representing you. When you choose the Matheson Team, we are there for you! Call us toll-free at 888-656-4830 or email firstname.lastname@example.org. We look forward to hearing from you.
If you would like more information about the home buying process, please request a copy of The Matheson Team’s Home Buyer’s Guide. This book also includes an Area Resource Guide full of specific information to help you settle in to your new home in the Scottsdale/Phoenix metro area. We're The Matheson Team - we have lots of information to share with you!