Introduction

Chances are, if you're reading this, you're in the process of buying a home. For most people, purchasing a home is an exciting, but sometimes bewildering, experience. The purpose of this writing is to help you take some of the mystery and risk out of your purchase, and provide you wish some of the knowledge regarding property disclosures that will be helpful during your transaction.

Transfer Disclosure Statements

Overview: In sales of the average home, the Real Estate Disclosure Statement has emerged as the cornerstone of the disclosure process. This statement requires the seller of the home in which you are interested to disclose the basic features of the property, along with various defects and other conditions known to them which may affect its value or desirability. When you receive this statement, you may have the option of canceling the transaction if you disapprove of its contents.

Natural Hazard Disclosure

Overview: Fires, floods, and other natural disasters have occasionally taken quite a toll on many of Arizona's homeowners. They don't happen often, but when they do, the results can be catastrophic.

The Hazard Zones, and What They Mean to You. Arizona law recognizes at least six types of hazard zones as having particular importance to home buyers. Under many circumstances, the seller must verify whether the home you a purchasing is in one of these zones. The following five zones are as follows:

FLOOD HAZARD ZONES:

As the name implies, these areas subject the unusual flood risks. Flood hazard zones are designated by the Federal Emergency Management Agency (FEMA)

• HIGH FIRE HAZARD ZONES: Property owners in very high fire hazard severity zones are usually obligated to undertake specific maintenance duties (e.g., brush clearance) to mitigate fire hazards
• EARTHQUAKE FAULT ZONES: These are areas located a certain distance from earthquake fault lines.
• SEISMIC HAZARD ZONES: Seismic hazard zones are areas which are subject to unusual ground movement during earthquakes.
• Smoke Detector and Water Heater Statement of Compliance

Overview: When purchasing a home, you can easily get caught up in the excitement and fun of the prospect of closing your transaction. But there are pitfalls. A home not outfitted to protect its occupants from injury during a fire or earthquake is something you can do without.

The following two forms can do just that:

Smoke Detectors: Arizona law requires that single-family homes sold in Arizona have operable smoke detectors approved by, and installed according to the regulations of the State Fire Marshal's Office. The seller must provide all purchasers that certification that they have complied with this law.

Agency Disclosures

Overview: Home buyers and sellers often don't understand or care about the legal aspects of their relationships with their agents. Buyers and sellers are often too focused on the details of their transactions to be thinking of legal nuances of agency law. Nonetheless, it is important that you understand the basics of agency law. As your agent, I will provide you with a specific agency form outlining either that I am representing you exclusively, or on a dual agency basis. If I represent you "exclusively" there will be another agent representing the other party in the transaction. If I disclose on the agency form that we have a dual-agency agreement, I will be representing you and the other parties in the transaction. I will also verbally explain the differences when you and I sign the agency disclosure form.

Hopefully this booklet has provided you with helpful information. I am ready to discuss any part of it if you wish in further detail. I look forward to working with you to help you purchase your home.