Blog
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.
Reject dual agency.
Single agent dual agency allows one agent to represent both the buyer and seller at the same time. That means the agent is not required to put your interests first. I agree with the position of The National Association of Exclusive Buyer's Agents that the ethics of...
Why Do You Need Title Insurance? Part 2.
In Part 1 I discussed the protection title insurance provides after closing. But did you know that when buying a home the title report is an important part of your due diligence? The report shows what matters affect the title of the home and what will be excluded from...
Update on 2018 Tax Changes.
1. Capital gains exclusion. In a huge win for current and prospective homeowners, current law is left in place on the capital gains exclusion of $250,000 for an individual and $500,000 for married couples on the sale of a home. Plans to make it much harder to qualify...
There’s More to Preparing a Contract than Filling in the Blanks.
Arizona’s residential purchase contract form is a minimum of 9 pages. There are a multitude of blanks that must be filled in to complete it. Generally there are 3 separate parts to the contract: price, terms and conditions. The gross purchase price occupies just one...
The Basics of 1031 Exchanges – Part One.
A 1031 exchange is a method to defer the payment of capital gains tax on commercial property. It involves a sale procedure where an owner sells a property and reinvests all of the sales proceeds into a new one, using a third party intermediary to complete the...
Solar Panels, Part 2 – Lease Transaction Traps.
Leased solar panels interfere with and sometimes not only prevent sales, but also can scuttle closings. Buyers that sign a contract to buy a home with leased panels will need to qualify to take over the lease. If the solar company decides the buyer doesn’t qualify,...
Don’t Under-Budget your Custom Home.
Its said that over 50% of custom builds never get off the ground. The number one reason is that many people do not prepare a realistic, comprehensive budget. To avoid disappointments, early consultation with an experienced builder is essential. A competent builder is...
International Napping.
If you shop for a home overseas, work habits in many countries may be different from what you are used to. For example, in Spain, the siesta is sacred. People work from early morning until 1:30 p.m., and then in the evening from 5 p.m. on. From 3 p.m. until 4:30 - 5...
Solar Panels, Part 1 – Lease Transaction Traps.
You have solar panels on your home and you decide to move. You assume that the presence of solar panels will be a marketing plus, maybe even get you a higher price. That should be case, but when the panels are leased, it might not. Some buyers will balk when they...