arizona purchase contract: Taking Title in Arizona...
- 11/16/15 09:59 PM
The manner in which a buyer takes title to a property in Arizona has legal and tax consequences. Arizona is a community property state. Neither the real estate agent nor the escrow officer can give legal advice on how to take title. However general guidelines have been published and are reproduced here. These are definitions provided by Fidelity National Title Agency, Inc. Thank you.
COMMUNITY PROPERTY WITH RIGHT OF SURVIVORSHIP: Community property with right of suvivorship is a method of ownership by husband and wife that vests title in the surviving spouse upon the death of one of the spouses. COMMUNITY PROPERTY: Arizona is … (0 comments)
arizona purchase contract: Appraisals?
- 11/11/15 11:00 PM
The purpose of an appraisal is to protect the investment of the lender’s investors. Actually the lender bundles the loans and sells them on the secondary money market and often they are resold which is why the buyer must purchase an Alta Lender’s policy which assures that the lender is always in first lien holder position. This is why you may purchase a property and the check for the loan is made out to xyz company; eight years later, you receive notice it is to be made out to 123 company and then even later, you write your check to abc … (2 comments)
arizona purchase contract: What Happens If Someone Defaults?
- 11/04/15 10:08 PM
What happens if either the buyer or the seller fails to comply with the terms and conditions of the contract? The Arizona Association of Realtors® purchase contract makes provisions.There is a “cure period” which is a three day period in which the party which defaults has to “cure” that default. The party which has been breached sends a “cure notice” to the breaching party stating they have three days in which remedy the default. If the non-complying party continues the default, breach of contract is assumed. The non-breaching party can request all earnest money as liquidated damages and may cancel the … (0 comments)
The manner in which a buyer takes title to a property in Arizona has legal and tax consequences.;)
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