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Real Estate

Common Contingencies Before Closing on a Home

Common Contingencies Before Closing on a Home

By | Real Estate

When a buyer and seller of a home come together over a purchase agreement, they may at times find that contingencies need to be made. In this context, contingencies are certain conditions that have to be met before a buyer will be able to close on the home. Should these conditions fail to be met, the contract can be canceled without causing penalty—either to the buyer or seller of the property—other than lost time and the potential of missing other offers that might have been made if the home had not gone under the purchase agreement. And while contingencies come in many different forms, there are some contingencies we tend to see more often than others.

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What is the Role of a Real Estate Lawyer?

What is the Role of a Real Estate Lawyer?

By | Real Estate

A real estate lawyer performs numerous functions within the rubric of real estate law. In fact, though we at Provident Law provide a full slate of real estate law services, there are many in this area of law who sub-specialize. And it’s important to get a real estate lawyer involved in a transaction well before it occurs—because the concept of land ownership is defined almost entirely by specific terms of art with which a layperson may be unfamiliar.

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What is Real Estate Law, Anyway?

What is Real Estate Law, Anyway?

By | Real Estate

It may seem obvious to most what real estate law is, or what it should be, but when people stop to think about it often they realize that they don’t know the whole story. First things first: “real estate,” or “real property,” refers to land and buildings (or edifices) that sit on it. Real estate law, therefore, is the set of laws and customs governing who may live on, work on, use, or pass across a particular plot of land or building, and, further, who may sell or buy it, and under what conditions.

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How Might GSE Privatization Affect the 30-year Mortgage?

How Might GSE Privatization Affect the 30-year Mortgage?

By | Real Estate

A major piece of news in the housing sector of late has been a plan proposed by President Trump to privatize the major government-sponsored entities (GSEs) in the marketplace—Fannie Mae and Freddie Mac. These entities, which were brought under government conservatorship in 2008 with a $191.5 billion bailout as a response to the housing crisis, have gone from being sources of concern in the market a decade ago to being quite profitable. But what might the effect on privatization be on the major modern form of home financing in the American landscape: the 30-year mortgage?

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Did the Overall Increase in Home Inventory Really Mean More New Listings?

Did the Overall Increase in Home Inventory Really Mean More New Listings?

By | Real Estate

Between September 2018 and February 2019 we saw a moderate gain in home inventory prior to home shopping season, following a solid 44 months of consecutive inventory decreases. Some speculated that this perhaps meant that the number of people choosing to list their homes had at last begun to rise.

Unfortunately, this was not apparently a result of new listings going on the market—which would have indicated new sellers. Rather, the key metric at that time was that buyer demand had begun to fall off a bit due to a sustained period of rapid price growth, which resulted in a mild case of “buyer burnout” leaving housing listings on the market longer. An effect of this was a slight softening in the rise of housing prices.

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Why is Mortgage Debt Low Relative to Real Estate Values?

Why is Mortgage Debt Low Relative to Real Estate Values?

By | Real Estate

The amount of mortgage debt in the United States is surprisingly low. Though the raw number of outstanding mortgages increased during the second quarter of 2019 to reach beyond the level met at the peak prior to the so-called Great Recession, according to the Federal Reserve of New York the number of outstanding mortgages relative to home values (not including home equity lines of credit) was a lower percentage of the whole than in 2009, when it reached a high of 54.7 percent. Indeed, in the first quarter of 2019 this number hovered at just around 35.4 percent. Why should this be the case, particularly when one considers the rather recent ramping-up of real estate values throughout the nation (including in the area surrounding Phoenix)?

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Death and taxes: The Statutory Requirements for Purchasing, Redeeming and Foreclosing on Tax Liens in Arizona

By | Articles, Real Estate

Two things in life are certain: death and taxes. And if you don’t pay your taxes, there can be severe consequences. For example, if you fail to pay your property taxes, someone else can swoop in, pay the tax liability, and then ultimately claim title to your property.

Under Arizona law, a tax levied on real property is a lien on the assessed property. Read More