When people think about selling their home, they often forget that there are many laws and regulations in place concerning the selling of Real Estate. Here are just a few examples of what we are well versed in to protect our clients.
1. Federal Fair Housing Laws – prohibits discrimination in the sale, rental, and financing of dwellings, and in other housing-related transactions, based on race, color, national origin, religion, sex, familial status (including children under the age of 18 living with parents or legal custodians, pregnant women, and people securing custody of children under the age of 18), and disability.
2. Lead Based Paint Laws/Disclosures – Federal law requires that before being obligated under a contract to buy housing built prior to 1978, buyers must receive the following from the homeseller: An EPA-approved information pamphlet on identifying and controlling lead–based paint hazards titled Protect Your Family From Lead In Your Home (PDF)
3. Seller Disclosure Laws – Required Real Estate Disclosures When Selling Property. … In general, you have an obligation to disclose potential problems to a prospective buyer that could affect the value of the property you’re trying to sell. In addition, it is considered illegal in most states to deliberately conceal major defects on your property.
4. State & Local Housing Laws– Here is the link to the State of Arizona Department of Real Estate. http://www.re.state.az.us/LawBook/LawBook.aspx
5. Real Estate Contract Law (Realtors are licensed to perform contract law for retained clients only)
6. Zoning & Local Ordinances – You must know any local laws and ordinances regarding different items, like pool enclosures etc..
7. Advertising Laws – which includes fair housing
8. Building Codes – Again, you must know your local codes and ordinances.
9. Government Rights/Real Property Law – Property law is the area of law that governs the various forms of ownership and tenancy in real property (land as distinct from personal or movable possessions) and in personal property, within the common law legal system.
10. Environment Rules – Septic Systems, superfund sites,
11. Stigmatized Property Laws (death, drugs etc). In 1995 the Arizona Legislature passed A.R.S. § 32-2156, the stigmatized property law. This law addressed when a real estate broker or seller must disclose information to a buyer relating to facts that may psychologically impact the home, such as a suicide or murder.