The Arizona Association of Realtors (AAR) provides a free 10-page Buyer Advisory, which is a resource for the consumer interested in the purchase of a home or other type of residential real estate in Arizona. Because this document is full of important information, most brokerages require that a buyer’s agent share this document with the buyer at the point a contract is written.
The Buyer Advisory is comprised of three sections: 1) common documents a buyer should review, 2) physical conditions in the property the buyer should investigate, and, 3) conditions affecting the surrounding area that the buyer should investigate.
Overall, it’s a great resource for home buyers. It offers online links that the buyer can easily access and review during their due diligence period or before they enter into a purchase contract.
Want to know more about Public Reports, CC&R’s, or HOA Disclosures? What about Indoor Environmental Concerns, Swimming Pool Barrier Regulations or Soil Issues? The Buyer Advisory offers links to information about all of these topics and more.
While the document is comprehensive, it is not exhaustive and should only be used as a supplement to the AAR Residential Purchase Contract and never in lieu of professional inspections and advice.
Once a buyer has an accepted offer on a property, it is up to the Buyer to perform their own due diligence during the agreed upon inspection period (typically 10 days.) This is an important time to make sure you have reviewed the Buyer Advisory (as well as the Seller’s Property Disclosure Statement, completed by the seller of the property you are buying.)
Your Realtor will also recommend several home inspectors that can perform various types of inspections. Your real estate agent may offer to coordinate those inspections for you, and should be able to share his/her knowledge and experience during the due diligence period, but should not directly perform any of the due diligence on the property. (In fact, the Purchase Contract indemnifies the Broker of such liability in 2 separate sections of the document.)
As a buyer, you must communicate to the real estate agents involved in the transaction any special concerns you may have about the property or surrounding area, whether or not those issues are addressed in the Buyer Advisory.
The Buyer Advisory can be found online but your real estate agent is the best “go to” source to assure you have the most updated version. Be sure to review this very important document either before you find a home to offer on, or, once under contract, before your inspection period is over.
Still haven’t decided on an agent to represent you in your next home purchase? Why not use the Buyer Advisory as a resource to test their knowledge and skill set?
A good real estate agent will know the process and procedures; an excellent agent will be knowledgeable, informed and experienced.
The Matheson Team has sold homes in the Scottsdale area for 19 years and is ranked as one of the top RE/MAX teams in Arizona (#2 in 2013), the U.S. and the world. Since 2010, our team has sold over 1,000 homes. With that comes the added value of consumer protection.
Please contact The Matheson Team with any questions on the Buyer Advisory, the Residential Purchase Contract, or the home buying process in general. We are here to help!
Be sure to check back on this site for more information on buying a home in the Scottsdale area.