AAR Purchase Contract
And so on this, my first quiet day in the home office in the last few weeks, I have found myself buried up to my neck in code. Those elves at the North Pole, allegedly working diligently to fill this year's holiday order, have nothing on this self-styled Grinch. PHP, CSS, HTML and a healthy dose of WTF ... all have been my obsession since early morning, or the reasonable facsimile. Truth be told, it's hard for me to complain because I'm in my element. Sort of. While Bill Gates was working on something called "Windows" I spent the 1980s playing away on my TI-994A, 16-color computer hooked up to a small color television set. I knew enough to write relatively simple programs but not enough to do anything spectacular.
As an alumnus of Arizona State University, the past three nights have been spent watching the Sun Devils basketball team playing in the once-upon-a-time Great Alaskan Shootout (hard to say it's great given the thin field attracted this year, ASU included.) It was a maddening experience, both in watching the Sun Devils team plan and also the cable-access television quality of the broadcast. If you don't really know any of the details of Arizona State basketball then the lack of any substantial knowledge probably wasn't as noticeable - it's amazing how far only superficial knowledge will get you. But if you've spent even five minutes researching - or, say, had watched the team play the past two nights - then the lack of knowledge quickly becomes alarming. And for those who haven't spotted it walking down the block yet, the real estate hook is coming ...
My broker-owners don’t like when I’m cynical about my fellow profe … er … agents, so I’m going to be nice and positive about this one. What real estate agents learn in real estate school helps them pass their exam and get licensed but has next to nothing to do with the actual day-to-day of the business. This is where the broker comes in, at least theoretically. New agents hopefully end up at a brokerage that will teach them the basics of day-to-day real estate 101. Since not all brokers do this, the onus falls on the agent to choose […]
Let’s set the scene for you … At Dodger Stadium on Tuesday night, Los Angeles Dodgers manager Joe Torre was ejected from the team’s game against the San Francisco Giants. Bench coach Bob Schaefer, the Dodgers’ second-in-command as it were, also had been ejected leaving batting coach Don Mattingly in charge of the team for the game’s final innings. Mattingly has been around baseball for decades and he well knows what most baseball fans also know – a coach or manager only can visit a given pitcher on the mound once; on the second visit, the pitcher has to be […]
We’ve talked before about the inspection period as initiated by the Arizona Association of REALTORS Residential Resale Purchase Contract – the boilerplate calls for a 10-day inspection period but this can be shortened, lengthened or in some cases eliminated by what else is written in the contract or, in the case of a bank owned home, in the addenda. At the end of the inspection period there normally are three choices for a buyer – accept the home as is, cancel the contract and have the earnest money returned, or ask for repairs. Whatever decision is made, it’s indicated on […]
Do enough real estate transactions and it’s easy to forget the lingo we use here in Phoenix doesn’t necessarily translate for everyone. So here’s a quick guide to some of the most common terms you’re going to hear when buying Phoenix real estate: Earnest deposit: Essentially a good faith payment, the earnest deposit is delivered to the escrow company at the start of the transaction and is applied to the final down payment (or full sales price on a cash sale) and/or closing costs. If there’s a dispute, the earnest deposit goes to the injured party in most cases, depending […]
Saw this note buried inside the Realtor remarks on a listing yesterday: “If the buyer is making multiple offers, please disclose on a separate addendum.” The question is, does a buyer need to do so? It’s understandable why a seller would want to know whether a buyer is making offers on multiple properties, hoping that one will be accepted. It only makes sense for a seller to think twice about accepting an offer from someone who may not be fully committed to their particular home and who may change their mind if another offer comes through. And it’s for the […]
The last three weeks have been sent converting the bankers’ boxes of files in my office into handy dandy PDF files that I can burn onto a CD and allow to accumulate dust. Staring at the mess, it’s hard not to wonder how many fewer boxes of soon-to-be recycled paper I would have if not for the silly “mandatory” disclosures that we as real estate professionals are asked to have our clients sign. My favorite whipping boy is the Adult Communities Addendum, often referred to as the “mandatory” community addendum even though it’s not mandatory other than in the minds […]
When the new Arizona Association of REALTORS contract was issued back in May 2005, the most significant change was the introduction of cure periods and cure notices. In short, the cure period prevents either buyers or sellers from unilaterally canceling a contract at the first sign of trouble. If something that is supposed to be done isn’t done by one party, the other party generally cannot cancel and instead has to issue a cure notice. Here are a few of the situations where you may see a cure notice issued: Earnest deposit not deposited in timely fashion Repairs not completed […]
There’s a local agent who I won’t name who once told me handles repair negotiations by handing over the inspection report and saying “fix it.” I’ve always assumed that’s a bit of an exaggeration but you never know. If you’re using the Arizona Association of REALTORS residential resale purchase contract, you have a 10-day inspection period during which you are to complete your due diligence assuming you haven’t signed an addendum or otherwise agreed to a shorter timeframe. (If you’re not using the AAR contract, you may not have an inspection period at all – there is not state statute […]