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Consumer Information from AAR
BUYING OR SELLING A HOME
Disclosure, negotiating terms, financing, inspection, legal documents...selling or buying a home is an intimidating, complex process. Are you ready? Read the information below, then call a REALTOR® to help make your transaction as smooth as possible.
Buyer Tips
What questions should I ask to make sure the home I found will be a good investment? Whether you're a first-time buyer or a move-up buyer, it pays to be informed.
Seller Tips
You've probably already considered your personal reasons for selling, but have you taken into account other factors, such as market conditions, your property's value and tax implications? Unless you're locked into selling your home (e.g., you've already accepted a job offer in another city), it's a good idea to look at the whole picture before deciding to sell.
Other Buyer/Seller Resources
COMPLAINTS & DISPUTES
Many problems are a result of miscommunication and can be resolved through speaking directly with the REALTOR® or their broker. If you are not satisfied with the outcome, use the information below to learn how to file a complaint.
- Ethics Complaints About a REALTOR® REALTOR® associations are responsible for enforcing the REALTOR® Code of Ethics. The Code of Ethics imposes duties about and in addition to those imposed by law or regulation that apply only to real estate professionals who choose to become REALTORS®. Find out whether and how you can file a complaint against a REALTOR®.
- Mediation of Monetary Disputes If you utilized one of AAR's purchase contracts in your transaction, you agreed to mediate certain disputes that could arise out of that transaction, such as those concerning earnest money, property condition, and others. Most disputes can be mediated successfully, which can save legal expense and aggravation. Learn more about the Dispute Resolution Service and how to initiate it.
- Local Association Territories List Which local REALTOR® association should you call? Find your city and the corresponding association contact information.
FAIR HOUSING
The Fair Housing Act and other federal and state laws have been enacted to guarantee equal housing opportunities for all Americans. These laws prohibit discrimination in housing on the basis of race, color, religion, sex, national origin, age, disability, and familial status.
FINANCING
How much mortgage can you afford? What kinds of mortgage loans are available? Where can you get help with down payments? There are numerous federal, state, county, and city programs for buyers in almost every situation. Learn to talk "mortgage talk" - escrow, title, appraisals, closing costs, points - and become an informed buyer by using the resources below.
- Becoming a Homeowner - Fannie Mae This site answers your basic questions about mortgage loans, gives information on various financing programs available through approved lenders, and helps you find an approved lender in your area.
- FHA Insured Loans Special federal mortgage programs for rehab and Title 1 home improvement loans, energy efficient mortgages, and Indian Reservations are among those included.
- Looking for the Best Mortgage The Federal Reserve Board offers information on shopping for, comparing, and negotiating the best financing deal.
- Mortgage 101 Learn about various mortgage programs, including VA loans and second mortgages from the National Association of Mortgage Brokers. Find lots of information about all aspects of the mortgage loan and use the numerous loan calculators to estimate your costs.
- NAR's Financial Calculator Crunch the numbers. Use the calculators to ensure you're making the best choice for the long run.
- Your Route to Homeownership This site provided by Freddie Mac, provides information on the mortgage process, different types of mortgages, and what each type of mortgage can and cannot do for you. It also contains a list of mortgage providers offering Freddie Mac products.
FIND A PROFESSIONAL
Looking for a real estate professional but not sure where to start? How can you be sure the person you're hiring is qualified to do their job? Membership in a professional association often requires more ongoing education and members are held to higher standards of practice and ethics. Following are organizations that allow you to search their membership for professionals in your area.
Appraisers:
Auctioneers:
Commercial REALTORS®:
Home Inspectors:
International Specialists:
Legal Assistance:
REALTORS®:
HOMEOWNERS' ASSOCIATIONS
Whether the home is in a planned community or a condominium complex, there are laws governing how HOAs operate. Knowing what is in the Conditions, Covenants, and Restrictions (CC&Rs) prior to purchasing a home in an HOA will help you make the right decision for your lifestyle.
INTERPRETERS & TRANSLATORS Find people who are fluent in many different languages.
LANDLORD/TENANT
Who do you call when you have a problem? Your rights and obligations as a tenant or landlord are defined by many different laws and statutes. The following resources will help you find the answers to your questions.
- Residential Landlord and Tenant Act Arizona Revised Statutes Title 33, Chapter 10. Updated with laws effective July 18, 2000.
- Fair housing questions contact Neighborhood Services Department at 602.256.3517.
Information Provided by www.AARonline.com http://www.aaronline.com/ConsumerAssistance/Default.aspx
