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N. Mark Kramoltz, JD, GRI, CIPS writes blog articles on the metro Phoenix, Arizona, national and global real estate markets. Written from his perspective as a designated broker and real estate attorney, his articles avoid the inaccuracies and vacuous industry propaganda common to most real estate writings. He also blogs about animals (mostly dogs in the military) due to his love of pets and military history.

Are You Subject to FIRPTA? Part 2.

When a foreign person sells U.S. real estate, 15% of the sale price will withheld. However, U.S. formed entities like limited liability companies are not themselves considered to be a foreign person so withholding would not apply (although their members may be...

What’s in a Preliminary Title Report?

What’s in a Preliminary Title Report?

Do you know what to look for in the title commitment/report you receive as a buyer of property? The title report may reveal negative matters that will hurt you if you close on the home. The Arizona contract gives the buyer the right to object to adverse title matters...

Liability Letters, Part 3.

Liability Letters, Part 3.

The latest on “love letters” is that the Oregon law preventing a buyer agent from providing the seller or its agent with one has been blocked by the courts. The provision that “a seller’s agent shall reject any communication other than customary documents in a real...

Rip the Rescue Dog.

Rip the Rescue Dog.

Not long after the onset of WWII the Germans began to bomb London. The English authorities found that locating civilian casualties in the rubble of destroyed homes was difficult. That is because there was no way to find them as were no search and rescue dogs - until...

Trends for Kitchen and Bath Faucets, Part 1.

Trends for Kitchen and Bath Faucets, Part 1.

Kitchen and bathroom faucets are one of the most common upgrades during a remodeling project. 81% of renovating homeowners upgrade their kitchen faucet, while 88% upgrade their bathroom faucet according to Houzz. Here are two trends in faucets: 1. Pull-Down Designs....

Arizona Best for Flood Zones.

Homeowners in governmentally specified flood zones are at a greater risk of damage from flooding. Flooding damage is not covered by homeowners' insurance policies. And if using a loan to buy, expensive mandatory flood insurance may be required by the lender. Arizona...

Are You Subject to FIRPTA? Part 1.

FIRPTA is the Foreign Investment in Real Property Act. The purpose of FIRPTA is to ensure “foreign persons” who own U.S. property pay any capital gains taxes which may be due on the sale. The government does that by requiring that all sellers file a document at...

They’re Paying over Asking Price.

They’re Paying over Asking Price.

Nearly 90 Phoenix homes sold for $100,000 over the listing price in first six weeks of 2022. During the same period in 2021 there were only 11 transactions of $100,000 above the asking price. One reason for the increase is that non-primary buyers accounted for 36% of...

The Timid War Dog. Part 2.

The Timid War Dog. Part 2.

There were no fewer than 57 dogs named Duke enlisted in the Marine Corps in World War II. One of them was awarded the Dickin Medal for service in Normandy. But the Dog Record Books in the National Archive show that gun shyness was a real problem, washing out roughly a...

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