Becoming a homeowner, whether for the first time, or for the fourth time can be an exciting time for Phoenix residents. When one decides to buy a home, especially for the first time, there can be stress and uncertainty surrounding the process. As the market continues to favor buyers, it is important that individuals understand the buying process before making a huge life decision.
Over the last year, the houses being put up for sale in the metro Phoenix area has risen to nearly 40 percent over the course of the past year. The ratio of buyers to sellers is nearly even, resulting in a halt in the increase of the prices of homes. This leaves buyers in a strong position as the prices for homes are generally affordable.
Despite this positive news for residents, it is still important that buyers understand the pitfalls and issues they may encounter during a real estate transaction. When a buyer and seller reach an agreement on the purchase price for a home, they will enter into a written agreement, called the purchase agreement. Issues can arise if the seller decides to take the house off the market, or is unable to deliver a free and clear title. Many purchase agreements are standard forms and do not take into account the unique circumstances that can arise in the transaction.
Legal professionals who specialize in real estate transactions are in a position to negotiate on behalf of the buyer, as well as amend the standard purchase agreement forms to meet the individual needs of their client. The legal professional may also offer advice with regards to the tax consequences involved in the transaction, as well as the various financing issues that may arise for the buyer.
For most Phoenix residents, buying a home will be the greatest purchase of their lives. Becoming a property owner can have great rewards and offer many benefits. It is imperative that before one enters into an agreement and embarks on this exciting adventure, all the legal consequences are understood to ensure one’s rights are protected at all times.
Source: AZ Central, “Phoenix area housing market tilts in favor of buyers”, Jan. 27, 2014