REALSPACES 2016 • ISSUE 1
REALSPACESMAG.COM
REAL ESTATE MARKET UPDATE
Recent updates in the area
ARCHITECTURE & DESIGN Style Matters
TITLE
Understanding Title Insurance
DIY
Planning Your Move
DC RANCH - SILVERLEAF & SURROUNDING AREA
REAL DESIGN * REAL IDEAS * REAL ESTATE
publishers letter LUXURY HOMES & ESTATES MARKET UPDATE
28190 N. Alma School Pkwy, Suite 111 Scottsdale, AZ 85262 www.kupanoff.com PUBLISHERS Michael A. Kupanoff
480.688.0342, michael.kupanoff@bhhsaz.com
Trifon M. Kupanoff, Jr.
602.989.3457, trif.kupanoff@bhhsaz.com
EDITORS Tammy LeRoy, Kimberly Kupanoff CREATIVE DIRECTION/DESIGN Erin Loukili, Jaclyn Threadgill FOR ADVERTISING: Lisa Brewer 480.390.8354
FOR EDITORIAL SUBMISSIONS: editor@minomedia.net FOR PHOTO SUBMISSIONS: editor@minomedia.net TO SELL or BUY YOUR HOME: 480.688.0342 michael.kupanoff@bhhsaz.com 602.989.3457 trif.kupanoff@bhhsaz.com RECEIVE UPDATES ABOUT HOME SALES & PRICES: 480.688.0342 michael.kupanoff@bhhsaz.com
A Pedigree Like No Other Introducing Kupanoff & Associates and Berkshire Hathaway HomeServices
By utilizing the strength and valuable resources of one of the world’s most respected brands, we bring operational excellence and innovation as a compelling value for our customers. With a clear vision as one of the most highly valued real estate companies in the market, our powerful network of brands exemplify the reputation of Berkshire Hathaway — among Fortune’s 2013 most admired companies. As one of the top firms in North America, backed by Warren Buffett — the world’s most successful investor — the company is a leader in all 50 U.S. states, 10 Canadian provinces, Mexico and Portugal. Together this powerhouse firm creates an international network of approximately 80,000 real estate agents and 2,800 real estate brokerage locations. The company’s U.S.-based Global Relocation Services is the #2 player in global relocation. With more than one-third of Fortune 100 companies as clients, our Relocation network moves nearly 85,000 families in and out of over 125 countries around the world each year. A member of the over 200 billion-dollar Berkshire Hathaway Family, one of the most stable companies in the world employing over 300,000 people globally among its family of companies. Berkshire Hathaway HomeServices operates in nine countries; the U.S. under Berkshire Hathaway HomeServices, Prudential Real Estate and Real Living; Canada under the leading Real Estate Companies, Royal LePage and the luxury Via Capitale, as well as Brazil, U.K., France, Singapore, China and India. It is the only company with such reach, reputation and resources in the Real Estate Industry.
“Berkshire Hathaway is built to be forever... it’s true of all the businesses we own.” — Warren Buffett, Chairman and CEO of Berkshire Hathaway Michael & Trif Kupanoff
9943 E. Bell Rd., Scottsdale, AZ 85260 480.245.5888 www.minomedia.net Kupanoff Luxury Homes & Estates is published 6x per year by Mino Media, LLC. Opinions expressed are those of the authors or persons quoted and not necessarily those of Mino Media, LLC. While efforts to ensure accuracy are exercised, the publisher and/or Mino Media, LLC. assumes no liability for the information contained in either editorial or advertising content. Information contained within is subject to change. Publisher and/or Mino Media, LLC. assumes no responsibility or liability for unsolicited manuscripts or artwork. Reproduction in whole or part without the expressed written consent from the publishers and Mino Media, LLC. is strictly prohibited. Kupanoff Luxury Homes & Estates Market Update is the registered trade name of this publication. Copyright 2014 by Mino Media, LLC. All rights reserved.
Michael A. Kupanoff • Primary Resident of Scottsdale for 33 years • Brophy College Preparatory Alumni • ASU B.S. Architecture/Design • ASU M.S. Construction Management • KB1 General Contractor License • Licensed Realtor
Trif Kupanoff • Primary Resident of Scottsdale for 33 years • Xavier University Alumni • Xavier University - BSBA • Xavier University - MBA • Licensed Realtor
NOVEMBER/DECEMBER 2014
table of contents
IMPORTANT NUMBERS
Emergency........................................................... 911 Police (non-emergency).....................480-312-5000 Fire (non-emergency).........................480-312-8911 MVD......................................................602-255-0072 Poison Control.....................................602-253-3334 US Post Office/Kachina Branch.........480-513-2963
UTILITIES APS.......................................................602-371-7171 Southwest Gas....................................877-860-6020 SRP.......................................................602-236-8888 City of Scottsdale................................480-312-3111 City of Scottsdale Water.....................480-312-2461 City of Scottsdale Waste/Pickup.......480-312-5600 Cox Communications.........................602-277-1000 Century Link........................................800-366-8201
COMMUNITY ASSOCIATIONS DC Ranch.............................................480-513-1500 Silverleaf..............................................480-515-3200 Grayhawk.............................................480-563-9708 Windgate Ranch..................................480-596-7300
COMMUNITY GATES DC Ranch West Gate..........................480-473-7362 DC Ranch East Gate...........................480-473-7506 Silverleaf/Arcadia Gate......................480-585-9662 Silverleaf/Horseshoe Gate.................480-515-9443 Silverleaf/Windgate Gate...................480-342-9095 Grayhawk/Talon..................................480-502-7685 Grayhawk/Raptor................................480-502-5078 Windgate Ranch..................................480-419-4154
GOLF COURSES DC Ranch Country Club.....................480-342-7200 Silverleaf Country Club......................480-515-3200 Grayhawk Golf Club............................480-502-1800
SCHOOLS Copper Ridge Elementary.................480-484-1400 Grayhawk Elementary........................602-449-6600 Mountain Trail Middle School............602-449-4600 El Dorado Private................................480-502-6878 Notre Dame Prep................................480-634-8200 Chaparral High School.......................480-484-6500 Pinnacle High School.........................602-449-4000 Scottsdale Prep Academy.................480-776-1970 BASIS Scottsdale................................480-451-7500
10 4 Real Estate Market Update Recent updates in the area.
8 Mortgage The Return of Creative Mortgage Financing
10 Architecture & Design Style Matters
14 DIY Planning Your Move
16 Real Estate FYI Who Pays Closing Costs
18 Title Understanding Title Insurance Kupanoff & Associates | Berkshire Hathaway HomeServices // 3
market update
Kupanoff & Associates Market Update Marketwatch Report 2014 September - October Market Statistics for Single Family Homes
Q2-2014
The K&A Market Update specifically focuses on housing statistics in the communities of DC Ranch, Silverleaf, Grayhawk, Windgate Ranch, Pima Acres and Ironwood Village as well as the 85255 zip code, Scottsdale and the Phoenix Metro area. (Note: For more information on your neighborhood that is not listed below, contact us at 480.688.0342 or michael.kupanoff@bhhsaz.com)
MaricopaMetro County Phoenix Area Market Update Key Metrics Key Metrics
Q3-2014 Q2-2014
1-Yr 1-YrChg Chg
Market Activity Market Activity Q3-2012 Q2-2012 Q2-2012
Median MedianSales SalesPrices Price
$204,000 $200,000
++4.7% 8.1%
Average Average Sales SalesPrice Price
$256,153 $261,284
++3.6% 6.1%
23,108 23,108 21,910 19,464 17,698 16,159 16,159
22,354 22,354 18,700
Q3-2013 Q2-2013 Q2-2013
Q3-2014 Q2-2014 Q2-2014
23,086 23,086 20,069 20,069
18,950
17,493
15,908 15,908
Pct. Pct.ofofList ListPriced Price Received Received
97.5% 97.5%
- -1.1% 1.3%
Homes Homesfor forSale Sale
21,910 23,108
++12.6% 45.3%
Closed ClosedSales Sales
17,493 20,069
- -7.7% 13.1%
Months MonthsSupply Supply
3.9 4.1
++26.3% 65.1%
-+- 1.6% 1.6% 10.0%
Days Dayson onMarket Market
62 61
++40.2% 25.4%
Homes for Sale
+++45.3% 45.3% 12.6%
+++ 3.3% 3.3% 1.3%
-- -13.1% 13.1% 7.7%
Closed Sales
Phoenix Metro Area Key Stats » October 2014
Historical Median Sales Price for Maricopa For the County first time in 15 months the number of
• Monthly Sales: Sales were up 1.9% to 6,154 compared to 6,041 at same time in 2013. $275,000 $275,000 • Inventory: The total number of listings is up 5.4% to 27,591 compared to 26,170 at same time in 2013. • Month’s Supply: Current month supply is 4.48. • Average Days on Market: Average days on market is at 88 $231,250 $231,250 days compared to 65 from the previous year. • Average Sales Price: Up 2.5% to $247.9 compared to 192.5 from the previous year at the same time. • Foreclosures Pending: dropped -31.1% to 6,097 com$187,500 $187,500 pared to 9,424 from the previous year.
monthly sold listings has improved year-overyear, with 6,154 closed this October compared to 6,041 in October 2013. The last time we saw an improvement in this metric was in July 2013. July 2013 marked the end of a two year period of rapid price appreciation and heavy investor demand as our market bounced off its 2011 bottom. With that said, the market is still much the same and while our volume numbers are better year-over-year, demand is still extremely low. by Tom Ruff of The Information Market
All data from the Arizona Regional Multiple Listing Service, Inc. All information is deemed to be reliable but not guaranteed. $143,750 4 $143,750 // Kupanoff & Associates | Berkshire Hathaway HomeServices
NOVEMBER/DECEMBER 2014
85255 Market Update 85255 Key Stats » September - October 2014 • Active Listings up 563 from 516
To receive a free price valuation of your home, contact us today!
• Pending Listings down 46 from 52 • Sales Per Month up 71 from 53 • Days on Market for Monthly Sales 115 from 136 • Days on Market for Active Listings down 159 from 170 • Months Supply down 7.9 from 9.7 • Active Listings Price per Sqft up $368 from $364 • Monthly Sales Price per Sqft down $264 from $329 • Annual Sales Price per Sqft up $272 from $270 • Appreciation - Monthly price per sqft down 8% from 23%
michael.kupanoff@bhhsaz.com or call/text: 480.688.0342
• Appreciation - Annual price per sqft down 12% from 3%
85255 Quarterly Update - 3rd Qtr 2014 Median Sales Price
Average Sales Price
Pct. of List Price Rcvd
Q3-2014
1-Yr Chg
Q3-2014
1-Yr Chg
Q3-2014
1-Yr Chg
$564,500
-2.7%
$793,895
+9.4%
96.4%
-0.8%
Days on Market
Closed Sales
Q3-2014 1-Yr Chg Q3-2014 1-Yr Chg 86
+25.0%
235
-21.4%
Neighborhood Area Market Update (Includes: DC Ranch, Silverleaf, Grayhawk, Windgate Ranch, Pima Acres and Ironwood Village)
(Note: If you or someone you know needs this information for their neighborhood and it is not listed within, please contact us for your free report)
Listings Prices
New Listings
Sold Listings
Active Median List Price
4 O-1
4 S-1
4 A-1
4 J-1
4 J-1
M14
4
14
A-1
M-
F-1 4
J-1
3 N-1
O-1
S-1
J-1
J-1
A-1
M-
J-1
D-1
N-1
Active Listings
4
$400K
4
0
A-1 4
$520K
4
60
4
$640K
4
120
M14
$760K
14
180
F-1 4
$880K
4
240
3
$1M
3
300
4
A median price is where half the prices are higher and half the prices are lower. List price is current price on market. Sale price is price sold for. Active listings are on market on a single day of month. New listings are all properties put on market during an entire month. Sold listings are sales contracts that closed during month.
3
Active listings: How many listings were for sale during each month. New listings: How many properties were put on the market during each month. Sold listings: The total number of listings whose sales contracts were completed, or closed, during the month.
D-1
Number of Listings
New Median List Price
Sold Median List Price
All data from the Arizona Regional Multiple Listing Service, Inc. All information is deemed to be reliable but not guaranteed.
KUPANOFF.COM
Kupanoff & Associates | Berkshire Hathaway HomeServices // 5
market update 2014 Select Neighborhood Sales Updates for the area:
(Note: For more information on your neighborhood that is not listed below, contact us at 480.688.0342 or michael.kupanoff@bhhsaz.com)
Neighborhood
Avg Sales Price
Average Price/ Sqft
Number of Sales
Average Sqft
Avg Days Active on Market Listings
DC Ranch/Camelot Haciendas
1,550,000
354.06
4
4354
130
5
DC Ranch/Country Club Villas
664,500
276.08
4
2459
90
9
DC Ranch/Courtyards at Desert Park
565,980
293.1
5
1941
73
6
DC Ranch/Courtyards at Market Street
414,500
238.32
2
1737
229
3
DC Ranch/Parks by Ashton Woods
542,658
247.31
12
2245
124
6
DC Ranch/Parks by Engle
744,875
220.76
8
3366
53
5
DC Ranch/Parks by Maracay
997,722
253.74
9
3973
134
1
Silverleaf/Arcadia
2,245,400
402.8
5
5641
81
7
Silverleaf/Canyon Villas
1,762,500
388.82
2
4533
242
2
Silverleaf/Sterling Estates
2,079,924
532.56
6
3867
147
5
Silverleaf/The Casitas
2,575,000
664.45
3
3979
128
0
Grayhawk/Firenze
1,001,320
225.91
2
4438
100
1
Grayhawk/Serenity
1,856,250
335.86
4
5507
221
4
Grayhawk/Encore
427,333
231.53
9
1849
123
1
La Strada
1,200,000
238.81
1
5025
197
2
Windgate Ranch
1,055,700
279.54
21
3783
84
26
Ironwood Village
444,916
201.35
37
2236
88
18
To receive the average sales price and average days on market for homes in your neighborhood contact us today! michael.kupanoff@bhhsaz.com or call/text: 480.688.0342
Days on Market 150 134 118 102 86
4 O-1
4 S-1
4 A-1
J-1 4
4 J-1
14 M-
A-1 4
14 M-
F-1 4
4 J-1
3
70
D-1
(Chart at Right) Days on Market displays average number of days that sold listings are on market. CDOM is Continuous Days On Market, the number of days from when listing was entered into system until its Off Market Date. If property was taken off market (not sold) and listed again within 90 days, then days are added to CDOM.
N-1 3
Days on Market
Average CDOM
Neighborhood Area Summary Statistics Oct-14
Oct-13
% Chg
2014 YTD
2013 YTD
% Chg
Average List Price
$1,844,177
$1,948,518
-5.35%
$1,464,205
$1,331,489
9.97%
Median List Price
$875,000
$800,000
9.38%
$749,000
$719,000
4.17%
Average Sale Price
$980,801
$853,636
14.90%
$1,074,495
$837,218
28.34%
Median Sale Price
$585,000
$723,250
-19.12%
$665,000
$635,000
4.72%
All data from the Arizona Regional Multiple Listing Service, Inc. All information is deemed to be reliable but not guaranteed.
6 // Kupanoff & Associates | Berkshire Hathaway HomeServices
NOVEMBER/DECEMBER 2014
Custom Design Build • Remodels • Commercial Tenant Improvement
Cantabria Homes (877) 797-7307 PO Box 14566 Scottsdale AZ 85267 www.cantabriahomes.com
mortgage
THE RETURN OF
Creative Mortgage Financing We all remember the days of 100% no doc loans which were all the rage just 6 or seven years ago. We also know that many of these “toxic” loans were major contributors to the real estate market meltdown that subsequently occurred. While nobody suggests a return to the days of “if they have a pulse give them a loan”, there were a lot of make sense loan products that disappeared when the pendulum swung too far to the right. Lo and behold, there are creative, dare I say aggressive, new loan products popping up on the radar of high quality mortgage bankers.
STATED INCOME LOANS
Jeff O’Brasky Certified Mortgage Planning Specialist, Homeowners Financial Group NMLS#236692 T This is not a pre-approval or commitment to engage in a loan transaction. All loan products and loan amounts may not be available in your area and are subject to credit and property approval pursuant to agency and investor guidelines. Information, rates and programs are subject to change without prior notice. Other restrictions and limitations may apply. NMLS#93718 BK#0906222
There is a new generation of SI loans being created to serve self employed borrowers. Unlike their predecessors, these loans are only being offered to the true self employed who have decent credit and verifiable and documented assets. Self employed borrowers who may not have enough taxable income to qualify for traditional financing may now be able to substantiate the cash flow of their business by providing twelve months of business bank statements for analysis. Underwriters will then be able to determine their “ability to repay” based on the operating cash flow of the business rather than the taxable income on their 1040s. Twenty percent down payments and 680 fico scores are typically required.
MULTIPLE FINANCED PROPERTIES
Most seasoned real estate investors have run into the “more than 5 to 10 financed properties” conundrum. Currently, conventional financing (Fannie Mae) is typically not available to those investors who have more than 10 financed properties unless it is for the purchase or refinance of their primary residence. Furthermore, cash out transactions are limited to those with 4 or less financed properties. Jumbo and portfolio investors usually follow the
8 // Kupanoff & Associates | Berkshire Hathaway HomeServices
same guidelines. Mortgage bankers like Homeowners Financial Group have recently gained access to products that provide purchase and refinance loans to investors regardless of the number of financed properties they have in their portfolio. Cash out loans are available to those with 5 to 10 financed properties. Access to these products will provide valuable resources to experienced investors looking to add to their portfolios. Down payments vary by loan type, but 20% down is the minimum requirement with fico scores of at least 680. Currently, Fannie Mae will provide financing to borrowers with between 5 and 10 financed properties only if the borrowers have at least a 720 fico score.
DEBT TO INCOME RATIOS
Dodd Frank, the two least popular men in Washington to those of us in the mortgage industry, are the authors of the bill that is reshaping our industry. One of the major new rules regards Qualified Mortgages (QM). The principle tenet for QMs refers to the “ability to repay”, where lenders must assess a borrower’s ability to make their mortgage payments over the next 5 years. Due to this QM borrowers are prohibited by law from having debt to income ratios greater than 43%. It should be noted that conventional and government loans (Fannie Mae, FHA, VA) are not affected by these restrictions. We now have financing available to borrowers with debt to income ratios as high as 50%. Included in the portfolio are interest only and jumbo loans. All of the new products discussed in this article are considered to be non QM loans that are offered by portfolio lenders only and may not be available to the average borrower. If you would like to discuss any of the aforementioned products or any other real estate related financing issues please call me at 602-445-9094. NOVEMBER/DECEMBER 2014
Arizona’s Award Winning Mortgage Company Your Award Winning Loan Officer! “With over 25 years in financial services, I have the experience, knowledge and work ethic necessary to structure a loan that works in today’s demanding environment.”
Jeff O’Brasky
Experience the HFG difference with local and in-house processing, underwriting and funding. Call me today to find out how I can help you achieve your real estate goals!
Licensed Mortgage Professional
480.305.8594 NMLS#236692
“2013 Loan Officer of the Year”
Service Level Commitments • Same Day Prequalifications • Early and on time closings
• All communications responded to within 2 hours or less
Loan Products
Portfolio Products
• FHA
• 1 day out of a Short Sale or Foreclosure
• • • • •
• Construction • Expanded Guidelines
VA Conventional Jumbo Second Home Investment Property
IN ARIZONA
“We Made The List”
Corporate Office | 16427 N. Scottsdale Rd. Suite #145 | Scottsdale, AZ 85254 | jeff@homeownersfg.com | 480.305.8594
Homeowners Financial Group USA, LLC | homeownersfg.com | BK#0906222 | NMLS#93718 This is not a pre-approval or commitment to engage in a loan transaction. All loan products and loan amounts may not be available in your area and are subject to credit and property approval pursuant to agency and investor guidelines. Information, rates and programs are subject to change without prior notice. Other restrictions may apply.
architecture & design
10 // Kupanoff & Associates | Berkshire Hathaway HomeServices
NOVEMBER/DECEMBER 2014
Style Matters by Dale Gardon
Throughout Phoenix, we see both beautiful expressions of architectural art created by talented architects, and unfortunate examples of design mediocrity. The real difference between these two distinct outcomes lies in the hands of the creator of the architectural vision The most distinguishing homes have some basis and recognition to an architectural style whether they are traditional or contemporary. In addition, even if a home has an identifi able style, the design must exhibit some basic design principles that apply to all styles. Each of the defi ned styles have evolved for centuries, and all styles have an overlying set of design principles to interpret and follow for any home to be considered visually pleasing. Traditional styles have historic relevance, which gives the building an instant sense of value and reverence. Homes designed without any perceived style discipline often have much less appeal. This is often what we see while driving from one end of the Valley to the other; structures that have no architectural style relevance or seem as if two or more styles were merged. The solution to avoid this lies in understanding architectural styles, paying careful attention to detail, and appropriately executing those details in an authentic manner. Only the most talented architects and artisans can deviate from documented design styles and bring about a successful design in a non-defi ned style. It’s possible that they may create a home or building that is devoid of any past historical architectural defi nition. The success of this approach, like admiration of most art, is highly subjective. There are those who love it and those who may dislike it. My feeling is that the best design compositions are those that honor some architectural style heritage in either a contemporary or traditional style and are composed according to the basic design principles. The resort like character of this Rural Mediterranean estate has an undeniable feeling of comfort and ambiance by day and night. The rear yard lives like an authentic estate in an Italian hilltown.
KUPANOFF.COM
Dale Gardon, AIA, LEED AP is a Principal at Dale Gardon Design Architecture Planning Placemaking For more information: 480.948.9666 dale@dalegardondesign.com www.dalegardondesign.com
Kupanoff & Associates | Berkshire Hathaway HomeServices // 11
architecture & design
The courtyard of this Spanish Colonial home exhibits extraordinary charm and intimacy created by the inclusion of design elements such as the fountain, exterior stairs, Juliet balcony, awning, and ornamental features of the railings and decorative lights.
This Rural Mediterranean style home demonstrates the benefit of proper site integration and good color value to blend seamlessly into the desert hillside setting.
12 // Kupanoff & Associates | Berkshire Hathaway HomeServices
NOVEMBER/DECEMBER 2014
This Contemporary Western Regional style home dramatizes the view and integration with the desert hillside site context by use of natural stone.
This Rural Mediterranean style home exhibits the welcoming charm associated with proper scale and proportion with an artful use of exterior materials and texture.
KUPANOFF.COM
Kupanoff & Associates | Berkshire Hathaway HomeServices // 13
diy
Planning Your Move About 2 months before you move
o Research your new city through the Chamber of Commerce
or, if a computer is available to you, through many of the online websites. o Start cleaning closets and storage areas and decide what goes with you, what goes to a charitable organization or garage sale, and what goes in the trash. o Talk with your accountant or an IRS advisor about any moving expenses that might be tax deductible and require records. o Contact moving companies (and the better business bureau) for services and estimates. o Start a list of everyone you want to notify about your move. Keep it handy because names will pop into your mind unexpectedly. Along with friends and relatives, include schools, doctors, dentists, creditors, attorney, accountant, broker, and any recurring services such as maid, lawn, exterminator, water softener, diaper, internet provider, magazine subscriptions, etc.
1 week left
o Get rid of all flammable products, paint, gasoline, etc. o Contact your local trash collector about proper disposal. o Gather odds and ends: dry cleaning, safe deposit box items, prescriptions, anything you’ve loaned. o Return library books, rented videos, anything borrowed. o Drain gas and oil from equipment you’re shipping, such as lawn mowers, gas weed trimmers, etc.
A couple of days
o Give away plants you’re not taking. o defrost the refrigerator and freezer. o Write out clear instructions—sketch a map, too, if you can— o o
1 month out
o Notify the post office of the move, and pick up a supply of change of address cards.
o o
o If possible, open bank accounts at the new location now so o o o o o
your checks can be printed, and you won’t have to rely on temporary checks which are not accepted everywhere. Get serious about cleaning out the house; start accumulating boxes and begin packing. hold a garage sale. Contact your insurance companies (health, auto, homeowners, renters) and discuss coverage at the new location. Contact utility companies and arrange to disconnect/ connect at your current home and at your new home. Driving? Flying? how will you, your family, your pets, your plants, extra cars, get to the new city? Arrange for that now. Take pets to your veterinarian for check up and regular immunizations before the trip.
2 weeks before
o Contact your bank about closing your existing accounts
when you move. o If you’re driving your car, have it serviced. o Find out what you need to do to transfer records for doctors, dentists, veterinarians, etc. be sure to get permanent records from schools, not copies. get prescriptions for new pharmacies.
14 // Kupanoff & Associates | Berkshire Hathaway HomeServices
o o o
of your new home, and include your itinerary and emergency numbers. Keep a copy yourself, and give copies to the moving compa and your family or friends. Complete packing. be sure to set aside the items you want to take with you so the mover doesn’t accidentally load them onto the truck. Pack local phone books. you’ll be glad you did. Check with the utility companies to verify connect and disconnect dates after escrow closes. Contact your Realtor® and verify when and where keys to your new home will be available. Pick up beverages and snacks for moving day. Disconnect major appliances.
The big day
o If you can’t be there when the movers arrive, arrange for
someone to meet them. o Check the movers’ bill of lading and inventory carefully before signing. Keep papers with you in a safe place. o Make one last trip through the house, double-checking closets, drawers and cabinets. Lock the windows. o Leave the garage remote control for the new owners. turn off all the lights, close and lock the door, and leave the keys as prearranged with your Realtor® or new owner.
Good luck, and enjoy your new home! NOVEMBER/DECEMBER 2014
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real estate fyi
Who Pays Closing Costs? Your contract and any applicable government regulations determine who pays which closing costs. Your Realtor® can explain these costs to you. The Seller Generally Will Pay
• Owner’s title insurance premium • Realtor®’s commission • Escrow fee, one half (except Seller pays all on VA) • Any loan fees required by Buyer’s lender, i.e., FHA, VA • All loans in Seller’s name (unless Buyer assumes existing loan) • Interest accrued on loan being paid off, statement fees, recoveyance fees, prepayment penalties • Home warranty premium per contract • Homeowners Association transfer fee, one half • Homeowners Association Disclosure Fee • Any unpaid Homeowners Association dues • Any judgements, tax liens, etc., against Seller • Half of Recording charges • Property taxes: pro-rated to the date the title is transferred plus any delinquent taxes • Any bonds or assessments per contract • Courier fee if applicable • Any repairs per contract
The Buyer Generally Will Pay
• Lenders title policy premium, if new loan • Escrow fee, one half (except Seller pays all on VA) • Half of Recording charges • Homeowners Association transfer fee, one half • All new loan charges (except those lender requires Seller to pay) • Interest on new loan from date of funding to 30 days prior to first payment date • Assumption/change of records fees for takeover of existing loan • Beneficiary statement fee for assumption of existing loan • Home warranty premium per contract • Hazard insurance premium for first year • All prepaid items, such as interest, or funds for an escrow account • Courier fees if applicable • Professional home inspection
Closing your Escrow
The closing appointment. Your escrow officer or escrow technician
16 // Kupanoff & Associates | Berkshire Hathaway HomeServices
will contact you to schedule your closing appointment. the buyer will sign separately from the Seller. don’t forget your identification. you will need valid identification with your photo on it. A driver’s license is preferred. this is necessary so that your identity can be sworn to by a notary public. It’s a routine step, but it’s important for your protection.
What Happens Next?
If the buyer is obtaining a new loan, the buyer’s signed loan documents will be returned to the lender for review. First American will ensure that all contract conditions have been met and will ask the lender to “fund the loan.” If the buyer’s loan documents are satisfactory, the lender will send the check directly to First American title, usually within 24 hours. When the loan funds are received, First American will verify that all necessary funds are in. then we will record the deed at the County Recorder’s Office and disburse escrow funds to the Seller and other appropriate payees. the Realtor® will present the keys to the property to the buyer.
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title
Understanding
Title Insurance The Title Industry In Brief.
Prior to the development of the title industry in the late 1800’s, a homebuyer received a grantor’s warranty, attorney’s title opinion, or abstractor’s certificate as assurance of home ownership. the buyer relied on the financial integrity of the grantor, attorney, or abstractor for protection. today, title insurance companies are regulated by state statute. they are required to post financial guarantees to ensure that any claims will be paid in a timely fashion. they also must maintain their own “title plants” which house duplicates of recorded deeds, mortgages, plats, and other pertinent county property records.
What Is Title Insurance?
Title insurance provides coverage for certain losses due to defects in the title that occurred prior to your ownership. The Seller can give only those rights that previously have been received with “good title.” title insurance protects against defects such as prior fraud or forgery that might go undetected until after closing and possibly jeopardize your ownership and investment.
Why Title Insurance Is Needed.
Title insurance assures the new buyers that they are acquiring marketable title from the Seller. It is designed to eliminate risk or loss caused by defects in title from the past. title insurance protects the interest of the mortgage lender as well as the equity of the buyer for as long as they or their heirs have any interest in the property.
When Is The Premium Due?
It is a one-time premium which is paid at the close of escrow. It is customary for the Seller to pay for the Owner’s policy. If there is a new loan, the buyer pays for the Lender’s policy. the policy has a perpetual term and provides coverage for as long as you are in a position to suffer a loss.
Do All Title Companies Offer The Same Protection?
Any standard American Land title Association (ALtA) policy covers the same basic items. however, First American title’s EAgLE policy (our ALtA homeowner’s policy of title Insurance*) combines the easy-to-understand plain Language policy with additional coverages, including coverage for events happening after the policy date.**
Some examples:
• Post-policy Encroachment. the owner has been in his home for several years when a neighbor builds a patio cover on the property. We’ll provide legal defense.** • Post-policy Forgery. Someone forges the homeowners name on a mortgage. We’ll provide legal defense.** • Building permit violation. A room added prior to the closing date did not receive a city permit, and the new homeowner is being forced to remove the structure. We’ll pay for the removal, per policy limits.** • Automatic Inflation Coverage of 150%, a 10% increase in the policy amount for each of the first five years.
Note: If you decide to sell your home in the future, new title insurance will be needed to protect your Buyer for the time prior to and during your ownership for any defects that may have occurred. See below for First American Title’s short-term, reduced-rate certificate. * An ALtA homeowners title Insurance policy is requested in Line 117 of the revised AAR Residential Resale Real Estate purchase Contract, 5/00. ** deductibles, maximums, and conditions may apply.
18 // Kupanoff & Associates | Berkshire Hathaway HomeServices
NOVEMBER/DECEMBER 2014
Everyone loves a café. Now, everyone can have one. GE Café™ is GE’s first new line of appliances in 15 years, and it’s an exciting new sales opportunity. With stainless steel exterior and robust styling, builders and new home buyers will want to make it the centerpiece of their new home. For remodelers and their customers, the GE Café will easily transform any kitchen with restaurant-inspired design. At long last, everyone can afford to have an inviting café – right at home. www.geappliances.com/café Come see our fine GE Appliances at Westar Kitchen & Bath at the Tempe, Scottsdale, Peoria and Tucson locations. Phone: (602) 271.0100
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To receive Current Listings and Market Updates directly from MLS, go to www.kupanoff.com If you are considering buying or selling, contact us today for a free home valuation.
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