First United Realty, Inc.: Buyer's Guide
How to Buy Land
Without Getting a Lemon
Everything you need to know before purchasing Arizona land: your rights, your protections, and the right questions to ask.
Message from the President
A Word Before You Buy
The purchase of anything entails a certain amount of risk, whether it's an automobile or an electric blanket. You're never quite sure it will deliver all you paid to get until you use it.
Buying land is particularly demanding since it requires specialized knowledge and skills which the average layman has rarely acquired. So most buyers must turn to someone else, a real estate professional, to guide them through the technicalities and potential pitfalls of finding, analyzing, valuing and purchasing the property.
That's a tall order, and the placing of a lot of trust in the subject professional who is often a complete stranger. At First United we remain strangers, but very briefly, and work very hard to merit and fulfill the trust regularly placed in us.
Please know that land sales in Arizona are among the most highly regulated and closely scrutinized businesses in the nation. Advertising and promotional materials have to be accurate and sales methods must represent the property in a realistic manner. Still, there are sometimes things left unsaid that can cause concern.
We wish to leave nothing unsaid. First United is firmly committed to full disclosure and your purchase is a fully informed one. This guide is an important step toward that goal.
Sincerely,
Richard D. Schust
President, First United Realty, Inc.
There is also a 7-day rescission period allowed by State law giving buyers of registered property the right to further study their purchase and to cancel the contract if it proves unsuitable.
Buyer's Checklist
Wherever You Buy Land
You Should…
- Decide ahead of time exactly what you want the land for. Summer hideaway? Remote cabin site? Fully equipped country house? Possible appreciation? Each of these poses specific requirements. Arm yourself and your representative with the facts up front and you're far more likely to find a perfect fit. Remember too, when estimating future values, although real estate is one of the most stable investments around, no one can guarantee the future.
- Ascertain the current availability of power, telephone and water to the property. These may or may not be important to your immediate plans, but it's wise to know the facts.
- Read the Real Estate Department report on the land before signing anything. In point of fact, most reputable companies insist on this and the signing of a statement that you have done so. Be sure you understand the report and ask questions to assure that you do.
- Ask to see the water report relative to the property in question. Be sure you understand what it says. Also find out what it costs to drill a well or to have water delivered to the property if necessary.
- Examine the sales agreement for completeness and accuracy. Determine if the appropriate documents are properly recorded at the County Recorder's office.
- Determine if the seller will furnish a Title Insurance Policy to assure you that ownership of the land is as represented. This should cost you nothing.
Know Before You Sign
And Know Your Rights…
- Understand what you can and cannot legally do if you decide to resell the property, or possibly divide it up into smaller parcels. There are regulations as to the number of times you can split and the minimum sizes you can sell in a particular area (we'll advise you completely).
- Ask if the land was surveyed and staked by a registered engineer or surveyor.
- Check to make sure you have permanent legal access to your land. Just because a road is into the property doesn't necessarily mean your continued access is permanent.
- Find out if you will receive a proper deed to the property at the appropriate time.
- Be sure you know who will receive the payments as you make them.
- Inspect the roads leading to the property. Is the property accessible by conventional vehicle? Is the greater privacy afforded by 4-wheel-drive access more to your liking?
- Analyze the location. What are you close to, far from? Is that trout stream really just over the hill or nearly a day's drive away? Is having a town and its facilities nearby important to you? Are recreational attractions sufficiently close?
- Obtain local tax information. Know your tax obligations beforehand.
- Understand the Arizona cattle grazing laws and know how they may affect the use of your property.
- Look for acceptance. How many others bought property in the area?
- Check out the seller. In most cases you'll be dealing with an agent or broker. Ask the Better Business Bureau, former customers, other logical sources about the agent's / broker's past performance.
Your Guarantee
With First United Realty
You're Protected 6 Ways
Every purchase through First United Realty comes with the following protections, built into every transaction at no additional cost to you.
1
Recorded Sales Documentation
Everything spelled out and registered at the County Recorder's office.
2
Complete Free Title Insurance Policy
Furnished by a registered Title Company at no cost to you.
3
Recorded Plats
Prepared by a registered engineer and recorded at the County Recorder's office.
4
Appropriate Deed
Recorded in the purchaser's name with the appropriate County Recorder's office by a registered Title Company.
5
Direct Payments
All payments are made directly to a registered Title Company to ensure proper handling and credit of the purchaser's funds.
6
Complete Arizona Real Estate Department Reports
Always available, in fact mandatory for purchaser reading.
Ready to Take the Next Step?
Our Agents Are the Best in the Business
Highly trained and professional: they are your tour guide, advisor, educator and land expert all in one. They will introduce you to the exciting recreational and financial opportunities of land ownership in Arizona.
First United Realty’s brochure "How to buy land without getting a lemon" © 1976, 2012, 2015.