With its warm weather and beautiful landscapes, Arizona is a great place to live. This has drawn many to the state, including individuals from other countries. In fact, across America last year, more than $92 billion in real estate was snatched up by overseas purchasers. The primary driver of such sales is wealthy Chinese, whose buying increased 72% last year with the mean purchase in excess of $590,000. Arizonans may be interested to know that much of these foreign purchases are occurring in their state.
Real estate transactions like these may seem simple at first glance, but they can actually be quite complex. A buyer must deal with lenders, as well as the seller, inspectors and real estate agents. Complex contracts are often necessary to ensure the purchase is carried out in a way that protects all parties involved. A mistake in a contract could lead to delays, increased expenses and lost opportunities. Additionally, sellers must be sure disclosures are made about known defects to the property and a failure to do so, could lead to litigation.
Therefore, it is ideal to be fully prepared before entering into real estate transaction negotiations. By being fully informed of all issues surrounding the purchase, an individual can better articulate what he or she wants, while avoiding unfair terms. Sellers, too, should take precautions to ensure their interests are protected, and that they can maximize the money they make of the sale of their property.
In many cases, individuals feel more comfortable with a real estate transaction after it has been assessed by an attorney. In Arizona, a local attorney can help a buyer or seller, no matter where he or she is from, draw up documents that eliminate legal entanglements, as well as negotiate a fair agreement. Hopefully then, regardless of which side a party is on, he or she will be able to walk away with exactly what he or she wanted.
Source: NBC News, “Rich Chinese Are Top Foreign Buyers of U.S. Real Estate,” July 9, 2014