Buyers are purchasing flipped homes, which are houses that were bought at bargain prices, renovated, and then sold to the buyer for a profit. House flipping is taking place at record levels in Phoenix with 10,000 flipped homes in 2018. This real estate activity has disclosed serious problems which has been costly to purchasers who had to pay to fix problems and could not live in their new homes.
When a resident of Scottsdale sells a piece of personal property, such as a piece of furniture, the item is physically delivered to the buyer who then pays the agreed purchase price. But what happens when a person decides to buy a piece of real estate? After all, the land cannot be physically delivered to the buyer. Some properties have been sold many times over the years, and a system has been developed to keep track of changes in ownership. Ownership of real estate is usually referred to as holding title, with title meaning legal evidence of ownership. When real estate is sold, the transaction is often called "conveyance of title." How does this happen?
Residential real estate transactions can lead to many negative and financially costly surprises, especially when there is a lack of disclosure. Borrowers and purchaser must carefully review loan documents to learn about financial pitfalls and avoid them.
Our readers may have noticed that it is not uncommon for similar types of buildings to be grouped together. For example, they may notice that many restaurants and shops all appear on the same blocks, while single family homes are separate and apart and generally grouped together. This is due to zoning, an area of real estate law that regulates where certain types of homes and businesses may be located.
Rental property may be a way to earn long-term profits from real estate. The historic average returns on single-family rental homes is approximately 9 percent each year from rental income and price appreciation. But, owning and managing rental property takes time, planning and a bit of savvy.
Our state's housing market, homebuilding industry and residential real estate market grew in 2017, according to a residential market research firm. Home sales, prices and agents competing deals also rose last year. This real estate growth can provide opportunity, but also the need for continued legal scrutiny.
Landlords owning commercial real estate must comply with numerous laws governing tenant rights. In fact, RentCafe listed Arizona as the fifth best state for renters to live based on its review of landlord-tenant laws across the country. The state scored 70 out of a possible 100 points in this report. Vermont had the most favorable laws and scored 90. Renters in Arkansas have the least protection because that state ranked last with a score of only 12.5.