When buying or selling a property, emotions can run high, and sometimes, those closest people to a buyer might be interested in “getting in on” the deal. While a real estate transaction between family or friends can be tempting, prioritizing an arm’s length transaction offers several advantages that can help ensure a smoother and fairer process. An arm’s length transaction occurs when a buyer and seller act independently, with no pre-existing relationship that could influence the negotiation or price. This means they have no familial ties, business partnerships or any other connection that mig ..read more

The National Association of Realtors (NAR) recently agreed to a major shift in policy that changes its rules about how buyers’ agents are paid.  The move was in response to numerous class action lawsuits that said that the trade group was essentially unfairly setting agent commissions in a way that burdened homeowners and inflated housing prices.  The old rules for sellers and buyers go out the window Under the old rules, the real estate agent who represented a property’s seller would charge about 6% of a home’s sale as a commission price but offer to split that compensation with any ..read more

Signing a commercial lease is one of the most important commitments you can make as an entrepreneur. And when you sign one, you want to be sure that you get everything right the first time.  Unfortunately, to err is human. Amidst the pressure to sign quickly and secure that perfect property, you might make mistakes that may turn your business ownership dream into your worst nightmare. Here are a few mistakes you want to avoid when negotiating a commercial lease contract: Failing to understand the lease terms No matter how desperate you are to secure a premises for your business, never be ..read more

The average buyer on the residential real estate market requires financing. They secure a mortgage to pay the vast majority of the purchase price. While a 20% down payment was once standard, many modern mortgages involve single-digit down payments. Buyers finance nearly the entirety of the property’s price in some cases. Both buyers and sellers need to be aware of the possibility that there could be financing issues during a residential real estate transaction. Some closings never take place because the buyer never obtains their mortgage. The following are some of the more common reasons that ..read more

Do you feel exhilarated by the prospect of leasing the first space for your new business? Enthusiasm can take you far, but remember, not all leases protect the interests of both parties. When you find the ideal space, its owner may hand you prepared lease documents but never assume you must accept the provisions. Commercial property owners or managers expect to negotiate the terms of a lease, whether they say so in advance or never bring it up. These practical tips can help when the time comes to discuss the terms of your first commercial lease. 1. Know your budget Before you begin negotiation ..read more

One term homebuyers may be unfamiliar with is “abstract,” or more formally, “abstract of title.” What does this bit of real estate legalese mean? An abstract is a formal term for the thorough title search that must be done when someone decides to purchase a piece of property. Below is some essential information all homebuyers should know. What does an abstract do? Abstracts are complete legal histories of the home or land. These written records describe every transaction involving the property from its construction or origin to the present day, including all liens, encumbrances and anything el ..read more

Home sellers in Arizona do have to disclose certain things about their property. For example, there could be cracks in the foundation, leaks in the roof, evidence of past water damage, black mold in the house or something else of this nature. If there are any substantial issues that buyers would not expect, sellers do need to disclose them. This helps buyers know what they’re investing in so that they can make prudent decisions. That said, there are many things that sellers don’t have to disclose. Let’s take a look at a few of them below. 1. Disease in the home First off, if someone in the hou ..read more

Buyers often include contingency clauses when making an offer as a means of protecting themselves. For instance, the buyer may use a home inspection contingency. If the home passes inspection, then their offer stands. But if it fails that inspection, they can walk away without penalty. In some cases, buyers will remove these contingencies from an offer. Why would they do so if it means they do not have the protections that they otherwise would? It can make the offer more attractive. The general goal is to make the offer more attractive to the seller. Say that a person is selling a house for $3 ..read more

As a new home buyer, you likely don’t want a fixer-upper or a home that you would eventually have to abandon because of larger issues. One of the ways to avoid this issue is by inspecting a home for issues. Many people hire home inspectors. A home inspector is trained to notice major issues in a home that would help give the true value of a property, causing the buyer to consider negotiating a new deal or finding a better option.  You may not consider hiring a home inspector until you’re sure you’ve found the right home because home inspectors can be expensive. For now, you may consider l ..read more

You will likely have to decide whether to buy or lease commercial property when setting up shop or expanding your business. It is a pivotal decision that may impact the future of your business. Both leasing and owning commercial property come with distinct advantages and disadvantages. As such, it’s crucial to evaluate your options carefully and make the right choice. Below are some key considerations that can help you make an informed decision: Your financial standing Look at your financial standing and the impact of purchasing or leasing on your cash flow, capital reserves and overall financ ..read more