Selling a Home

With Gary W Whitley,pllc

Gary Whitley has a "fiduciary duty" to his clients, and this means that I am held by law to owe specific duties to the person who I am legally representing, in this case, the seller. In addition to duties or obligations that are stated in a listing agreement , a fiduciary's duties include:

• Loyalty
• Reasonable care
• Obedience
• Accountability

Sellers are obligated under Arizona law to disclose to buyers known material facts about a property. You should disclose the following potential house defects     

• Termites or other infestations                                      
• Roof defects  or leaks
• Heating or air conditioning system problems
• Property drainage problems
• Foundation instabilities or cracks
• Problems related to structural elements including interior walls, ceilings, doors, windows and floors
• Problems with the electrical system, fire/smoke detection devices, and carbon monoxide detectors
• Problems with the swimming pool, spa, hot tub, sauna or water features
• Problems with title to the property
• Neighbor issues that aren't obvious
• Disclosure addendum for domestic well water source/water use
• Environmental conditions related to your property, such as, soil settlement/expansion, the presence of contaminants including asbestos, radon gas, mold, pesticides and fuel/chemical storage
• Location of your property within a flood plain or wetlands area
• Lead paint (required under the federal Residential Lead-Based Paint Hazard Reduction Act of 1992 for homes built prior to 1978)

Purchase Contract

When you've got a serious buyer, you'll receive a written offer to purchase your home, called a purchase contract which states the finalized terms and conditions for the sale.

You won't have very long to decide whether or not to take the offer or propose a real estate counter offer so it's important to be informed ahead of time.

Common counter-proposal items include:

• A higher purchase price
• A higher deposit
• Giving buyer less time to remove contingencies
• Excluding certain items from the sale
• Providing you move in time to vacate the house after the sale is closed
• A clause making it a contingency that your attorney approve the contract

In Arizona, you can expect to pay for some or all of the following charges - called closing cost at the time you sell your home:

• Bring-down fee
• Processing fee
• Document preparation fee
• Documentary transfer stamp tax
• Flood certification fee
• Inspection fee
• Loan tie-in fee
• Photo fee
• Tax service fee
• Underwriting fee