Real estate runs on paperwork, and if you've bought or sold any recently, you may have been struck by just how much there is. Well, the Prescott real estate association (PAAR), keepers of the local MLS, have just come down with new rules that could lead to fines if some of that paperwork isn't completed quickly enough. Find out about these latest gotchas and what we think about them in this episode.Video Transcript
hello top of the morning to you good morning folks this is diana randall bro here prescott lady and sidekick respectively that’s right we are your husband and wife duo here in prescott arizona happy to bring you here show you around hopefully you’ll stay we’ve made so many great friends from clients it’s just been um that’s part of the happy part of our time it’s a great time guys yeah and there’s a reason why people come here it’s a great time so today we wanted to talk about some new things that are coming up in real estate yeah lots of rule changes lots of little changes yeah this is actually this is something that should have been done a while ago so i was glad to see this come down uh so the new rule from the local association is that you cannot go live so you’re selling a home your home cannot go live on mls until you have uh if you need disclosures for an hoa or lead-based pain so lead-based pain is anything before 1978. that’s right home was built before 1978 you’re going to need a lead-based pain disclosure so you’ll know that right away uh if you’re in an hoa you will need an hoa disclosure this is paperwork uh in particular the hoa it could be a pain yeah someone more complicated yes some can be complicated uh it has to be done and posted as part of the mls record before your home goes live in mls let me tell you why that makes sense from a buyer perspective so we have buyers that that come in they like a home we know there’s an hoa and we want to make an offer part of that offer is who pays the hoa the transfer fees basically um if we don’t have a disclosure then we can’t really make the offer yeah yeah so what that does is yeah so essentially that’s the listing agent making the buyer agent call the hoa to find out what’s going on and that’s not the buyer agent’s job that’s the listing agent’s job yeah so uh buyer agents have gotten smart and what they do is they send an offer that anything that’s undisclosed you have to pay and sellers didn’t like that sellers aren’t happy with that they’re like wait a minute i so we’ve been why am i paying that things have been getting sort of better we’ve been seeing more compliance there well now if you go live and you do not have an hoa disclosure or a lead based disclosure if you need that uh the listing agent will be fined like just straight up so uh that’s good because listing it that’s part of the listing agent’s job it’s a little bit of homework it’s a little bit of homework part of the negotiation uh in particular in hoa areas where those fees can be substantial um so it’s something that needs to be done and now now you have to do it yeah it’s fair and you should not expect a buyer or the buyer’s agent to have to figure that out and sometimes the seller you know maybe they’ve lived there 20 years like jeez i don’t even remember do i have to pay a transfer fee yeah i think there is a transfer fee like if you live in prescott lakes there is a transfer stream um all sellers have to pay a disclosure fee regardless period end of sentence yeah we all know that but there’s some transfer fees if you’re in an hoa some don’t have it some do and you should also disclose what your ho your quarterly hoa is is it monthly is it annual is it quarterly and there’s always something to know that yeah that’s an important part of their yeah decision they’re like you know i have so much of a budget for my house note how much is my uh hoa going to be because if it’s too much i might have to reconsider and go to a different area all important stuff if you were out there and you’re the buyer and so anyway we’re kind of excited that our local listing service is putting that into effect yes um because sometimes my buyers are here for a short time they want to write that offer up and the hoa is not open until monday yeah if they’re here in a weekend so we can’t give them the answer yes some of the the transfer fees involved are negotiated how are you going to negotiate if you don’t know what they are exactly so uh it this is the was the right thing to do we supported 100 yes and we’re excited yeah we’re excited in our listings we’ve always done this because it’s the it’s the way to do it right if you’re working with buyers you know that uh and and we work with both so uh we’ve kind of always done that we’re glad to see it one thing i will point out if you are a seller this is yet one more thing that has to be done before your home can go live uh generally it’s it from the time you sell a listing agreement until your home is hitting on all cylinders it’s on mls and agents out there are seeing it one or two weeks uh you know the more that the listing agent has to do the longer that takes yep so uh that’s true understand now that uh this is yet one more thing that has to happen and it’s important so we wanted to explain why it’s important and and why uh the rule makes sense so uh yeah good job we’ll be a little more a little more patient as a seller because there are a bunch of things that have to happen absolutely so that is our little tidbit of the day we hope that this helps explain some of the process yeah right absolutely right thank you for listening and give us a call at 713-302-1964 if you need any kind of help or have questions we’re happy to try to answer and help you out we also have uh information site you can find that at pickle411.com whether you are a buyer seller somewhere in between lots of information about prescott the prescott real estate market local restaurants things to do uh things to do with your dog i mean [Music] we just have a lot of fun sharing our wealth of information every time we come across a nugget we put it on that’s right we actually make a list people let’s lose and uh over a month we might have eight topics and we will sit down and film all eight topics one nugget at a time yeah pop in our little brains like that’s something to talk about let’s do it our website is where you need to pan for gold it’s where all the 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