Revised TILA-RESPA Compliance Forms FAQs and Sample Forms

Posted on June 16, 2015 by

Frequently Asked Questions In September 2015, the Arizona Association of REALTORS® will release revised versions of the following four forms: (1) Pre-Qualification Form; (2) Loan Status Update; (3) Residential Resale Real Estate Purchase Contract; and (4) Vacant Land/Lot Purchase Contract. To better understand the changes made to these forms, the reason for the changes, and […]

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Don’t Add Confusion to an Addendum

Posted on May 11, 2015 by

The purpose of an addendum is to include additional terms and conditions to a contract. More specifically, an addendum may accomplish the following: (1) provide further explanation to the terms in the contract; (2) modify existing terms in the contract; or (3) present new considerations to the contract. While an addendum should only affect those […]

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Hackers Perpetrate Wire Transfer Fraud Scams Across Arizona

Posted on May 1, 2015 by

According to REALTORS® and title companies across the state, Arizona real estate transactions are once again being targeted by hackers perpetrating wire transfer fraud. It is customary for parties in a real estate transaction to receive, and comply with, wire transfer instructions. Unfortunately, it has become increasingly common that those instructions were not generated by […]

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Close of Escrow Changes, October 3, 2015 – FAQs

Posted on April 23, 2015 by

The Consumer Financial Protection Bureau has published revised final rules and forms that combine disclosures that consumers receive in connection with applying for and closing on a mortgage loan under the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). The new forms include a Loan Estimate and a Closing Disclosure. […]

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A Dwelling has to be Completed on Property for Anti-Deficiency Protection

Posted on February 19, 2015 by Nikki Salgat

Throughout the years, Arizona’s anti-deficiency statute has been litigated to determine under what circumstances the statute is applicable. Of particular interest has been the phrase “utilized for a . . . dwelling.” The statute, A.R.S. §33-814, states: If trust property of two and one-half acres or less which is limited to and utilized for either […]

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Tenants Are No Longer Protected From Foreclosure

Posted on January 29, 2015 by Nikki Salgat

In 2009, the Protecting Tenants at Foreclosure Act (the “Act”) was enacted to protect tenants facing foreclosure by the landlord’s lender. Specifically, if the tenant was occupying residential property pursuant to a bona fide written lease, the tenant was generally entitled to continue residing in the property for the duration of the lease term. However, […]

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Don’t Forget Your 1099!

Posted on January 22, 2015 by

Have you paid (or earned) a cooperative commission in the last year? Then you’ll need to complete Form 1099-MISC in the coming weeks. Commissions over $600 paid to non employees warrant the need to for the 1099. Not sure who needs to file? Here is more information via NAR: IRS Requires Reporting of Cooperative Commissions […]

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Prepossession and Post Possession Risks

Posted on January 21, 2015 by Nikki Salgat

Prepossession and Post Possession agreements carry inherent risks and raise a variety of issues. However, there are times that a buyer would like to move into the property before close of escrow (prepossession) or the seller would like to stay in the property following close of escrow (post possession). For instance, the buyer’s lease may […]

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Best Practice Use of the HOA Addendum

Posted on January 16, 2015 by Nikki Salgat

The newly revised H.O.A. Condominium / Planned Community Addendum (HOA Addendum) is scheduled for release on Monday, February 2, 2015. With the revision comes a change in the way the HOA Addendum is used. Accordingly, this article is intended to educate REALTORS® on best practices in using the new HOA Addendum. Before discussing the use […]

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H.O.A. Condominium / Planned Community Addendum – Frequently Asked Questions

Posted on January 16, 2015 by

As of February 2, 2015, the Risk Management Committee released an updated H.O.A. Condominium / Planned Community Addendum. For more information on the form see our introduction here , best practices here or our webinar on the revised addendum here. Q: Why did the Risk Management Committee believe it necessary to revise the H.O.A. Condominium […]

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