Wants vs. Needs

So you’ve been considering moving here, or perhaps you’re considering relocating to another area in town or you want to buy the Prescott home for sale that became available a few blocks up the street because you need more space.

One of the most important actions you might consider performing is to jot down a list of your wants and needs.

So what do you need? Do you need three bedrooms because you have two teenagers who must each have their own bedroom? Or do you need to buy a Prescott home for sale that is a single story structure because you can’t walk up and down a flight of stairs? Do you need to have an office in your home that has a separate entry for your business clients?

Needs are an absolute must, and must absolutely be met for you to be satisfied when purchasing a home.

There are far too many homes available to you for your needs to not be met and so it’s definitely important that you understand your needs before you agree to purchase your next home.

So what do you want in your Prescott home?

Do you want a fireplace that you can toss logs onto on blustery winter nights as you hear the howling wind and coyotes far off in the distance outside?

Do you want a cherry stained wood deck that leads from your master bedroom exterior door facing south overlooking the National Forest or facing north toward the San Francisco Peaks of Flagstaff so you can admire the beauty of the scenery as you sip your morning coffee or tea?

Do you want to have a garage that has been converted into a workout room or an artist’s studio so that you can immediately enjoy your hobby?

What is it that you want in your Prescott home?

There are many homes available to you in the Prescott Real Estate market today. And as soon as you know what you want and what you need, you’ll have a wonderful time finding that home.

Happy House Hunting!

Strangely enough, dealing with crazy weather and living in Prescott really don’t go hand in hand that often. For whatever reason this area here that Prescott exists within tends to be nice and warm in the summer and quite cool in the winter — however having extreme conditions are really, really quite uncommon.

Today in the downtown area, the hub of the Prescott Arizona real estate market we’ve received just about 4 inches of snow and there’s a promise of a little more snow tomorrow in the morning. Because there’s snow on the ground, and quite frankly it feels like the northwest or the northeast up here today, I consider this to be crazy weather for Prescott.

It snows a few days out of the year, usually after Christmas, and while snow only lasts for a few hours or until the next day — this looks like it wants to dump a fresh blanket of snow tomorrow morning, too.

Prescott homes for sale, building snowmen in the front yard with the kids, walking downtown to the library and stopping off at a local cafe for a cup of coffee to go. It’s a mild, yet blustery Friday afternoon in Prescott Arizona, and it’s moments like this that I realize what a wonderful decision my wife and I made to come here to this town to make it our home.

I lived in Chicago for all of my childhood years, I know what it’s like to live in brutal weather for days, and weeks on end. So while I might be a little nostalgic on the occasional snowy Prescott afternoon, it’s their rarity and infrequency which makes them so delightful here in Prescott Arizona.

Non-stop flights to and from Los Angeles and Denver daily

If you are currently living in or near Los Angeles California or Denver Colorado and have the urge to fly directly into town to find your ideal Prescott Arizona real estate opportunity, you can now do so daily. For the past year two airlines, Great Lakes Airlines and Alaska Airlines / Horizon Airlines offer service to the residents of and visitors to Prescott. This means that you don’t have to travel for over an hour to Phoenix in order to travel by air. While this might not seem like anything out of the ordinary, it gives you an idea of how Prescott is quickly becoming a predominate city and more then just a speck on a map. Although for those who live here, we do enjoy the notoriety and the tourism monies that pour into town, however we still relish and enjoy the reality of being a quaint, cozy, yet bustling little town.

Prescott homes for sale located all throughout our beautiful city are priced to sell, so why not live the dream today?

The City of Prescott Business page offers a set of downloadable documents regarding the business community, community profiles, asset inventories and information about doing business in and with the city.

Businesses and corporations who want to do business in the state of Arizona have an opportunity to access a wonderful place to set up shop, and have access to a pool of talented local community assets that can help any business owner realize their entrepreneurial vision.

Come and visit Prescott Arizona and see what’s in store for you.

• When a Prescott AZ real estate broker successfully sells a property for their client the listing agreement is complete
• Listing agreements are typically inclusive of a definite time frame. When this period of time is reached, the listing agreement is terminated. Automatic extensions are illegal in many states, and are highly discouraged
• If a broker does nothing to market the property, the owner of the property may end the listing due to the broker’s abandonment of the property
• Sellers can revoke the listing agreement, however there may be damages to the broker for which the seller can be held liable.
• Brokers can renounce the listing agreement, however they may be held for damages to the seller
• Death, insanity, or bankruptcy of either the broker or the seller will often terminate the listing
• Destruction of the property terminates the agreement because the agreement cannot be performed
• The listing agreement can be terminated through a mutual consent between the broker and the seller
• If the use of the property changes significantly, the listing agreement can be cancelled
• In the Prescott AZ real estate market, transfer of title by operation of law can terminate the listing agreement

AZ Real Estate Practice & Law

How are agencies created?

There are basically four ways to create an agency. In real estate agencies are created by appointment, this is known as an expressed agency an oral or written agreement. Often times a listing agreement is used as the tool to create an agency between the seller and the brokerage. The buyer representation agreement creates an agency between the buyer and the buying agent.

Actions or conduct by the parties can create an implied agency. For example, if Susan Smith, an owner of a home, requests Mike Jones to assist in selling her home, this creates an implied agency. If Mike finds someone to purchase the home and Susan argues that there was no listing agreement in writing, Mike has a very good chance to prevail in court and collect the commission.

An ostensible agency, agency by estoppel is created when a principal states through words or action to a third party that someone is the principal’s agent and the third party relies on it. In this case, the principal will not be able to stop this agency.

The final way an agency is created is that of agency by necessity which is created in the case of an emergency when the consent of the principal may be unnecessary to create an agency.

You can learn about real estate agency here.

Landlord Remedies

The landlord can file a suit for possession, this is also referred to as an eviction. Before filing the suit, the owner must give the tenant notice. If the tenant does not leave upon receipt of the notice, only the courts may remove the tenant and their possessions, by force, from the premises.

A landlord can file a suit for rent in order to recover past-due rents. In addition, landlords have the ability to file a suit for damages and may sue for any damages incurred because of the breach of the lease.

Tenant’s Remedies

A tenant can file a suit for damages which allows the landlord to be sued because they breached the terms of the lease. There is also a remedy refered to as a constructive eviction, this may occur if the premises is no longer in a livable or habitable condition, or in such a state that it forces the tenant to leave. In this type of occurance the tenant may no longer be held responsible for the payment of any future rents.

Arizona Residential Tenant and Landlord Act A.R.S. Title 33, Chapter 10
and Other Pertinent Statutes – this is the actual law for the state of Arizona

Termination of Leases

There are eight comment ways leases are terminated, these are listed here:

• Expiration of term is when the lease expires or the appropriate and proper notice to terminate is given at the end of the term
• Surrender and acceptance is a mutual agreement by both of the involved parties to cancel the lease. The difference between this and abandonment is that the tenant would not be liable for any more rent in this case, while they would be if abandoning the premises
• Bankruptcy on the part of a tenant will usually terminate the lease
• Destruction of premises will often terminate the lease
• Loss of the property through eminent domain will terminate a lease
• If either the tenant or the landlord breach the terms of the lease, the lease is terminated.
• Eviction of the tenant, or a constructive eviction by the tenant will terminate a lease
• Merger through the lessee becoming the owner of the property will terminate the lease

There are basic contract requirements such as the capacity of the parties to contract, meaning that they are legally competent. There needs to be a mutual agreement on the terms of the lease, the lease terms themselves have to be legal, and there must be consideration — usually this is rent paid by the tenants in return of possession given up by the owner.

The Basic Elements of a Lease

• A description of the premises that tells about the property that is going to be rented
• The term, or lenght of the lease
• Name and signatures of the parties involved in the lease
• The description of how the premises are to be used by the tenant. It’s a good idea to list any limitations here
• The amount to be held as a security deposit by the landlord which will be applied against any repairs that are needed at the end of the tenancy
• The habitability of the property as being safe and that it meets the habitibility requirements of the state are warranted by the landlord. (this is usually implied by state law, even if it’s not mentioned in the lease)
• Quiet enjoyment is an element that greants a tenant to use the property without any legal interference from the landlord or by other tenants (this is usually implied by state law, even if it’s not mentioned in the lease)
• A reentry clause grants the owner of the property to enter and to make repairs or to show it for rent with the appropriate notice given in advance to the tenant
• The amount of rent or a formula for calculating rent (this can include an escalator clause if there’s an anticipation of an increase in rent)
• A description of details for who is responsible for repairs needs to be listed. The tenant is normally required to return the premises in basically the same condition as it was at the time of move-in, excluding normal wear and tear
• Improvements are not an obligation of either the tenant or the landlord, however tenants may usually make improvements when receiving permission from the landlord.
• Options, also known as conditions for the right to renew the lease or to purchase the property or the right of first refusal, giving the tenant the chance to purchase the property prior to accepting an offer from another party
• A holdover clause deals with any rent penalty that may exist if the tenant does not give up possession of the property at the end of the lease
• An exculpatory clause, also known as a hold harmless clause was once used to prevent the tenant from holding the landlord liable for any injury incurred on the property
• Assignment and sublease sets the rights given to a tenant to sublease or assign the premises. This can usually be allowed if there is not a statement that disallows it

In the case of a breach of lease, both parties have certain remedies at their disposal.

Landlord Remedies

The landlord can file a suit for possession, this is also referred to as an eviction. Before filing the suit, the owner must give the tenant notice. If the tenant does not leave upon receipt of the notice, only the courts may remove the tenant and their possessions, by force, from the premises.

A landlord can file a suit for rent in order to recover past-due rents. In addition, landlords have the ability to file a suit for damages and may sue for any damages incurred because of the breach of the lease.

Tenant’s Remedies

A tenant can file a suit for damages which allows the landlord to be sued because they breached the terms of the lease. There is also a remedy refered to as a constructive eviction, this may occur if the premises is no longer in a livable or habitable condition, or in such a state that it forces the tenant to leave. In this type of occurance the tenant may no longer be held responsible for the payment of any future rents.

Arizona Residential Tenant and Landlord Act A.R.S. Title 33, Chapter 10
and Other Pertinent Statutes – this is the actual law for the state of Arizona

Legal Life Estates (statutory life estates)

Laws create legal life estates, and because each state has different laws on how legal life estates are created we’ll talk about the basics here. In addition, many states use the Uniform Probate Code rather then the three legal life estates listed below.

Curtesy, Dower, Homestead

The titles of legal life estates have an old west sound to them to me, maybe it’s because I
live here in Prescott.

Curtesy – this form of legal life estate pertains to the husband’s life estate in real estate of his deceased wife’s property. This life estate cannot be transferred to another person.

Dower – this form of legal life estate pertains to the wife’s life estate in real estate of her deseased husband’s property. As the prior, this life estate cannot be transferred to another person either.

Can a legal life estate be released? Yes, this can happen if both spouses sign a deed of conveyance. The percentage of real estate that makes up what is considered curtesy or dower varies state-by-state, however its typically one-third to one-half of the real estate.

Homestead – this form of legal life estate refers to the portion of the worth of the property of a homeowner’s primary residence which is protected from certain judgements for
debts. In Prescott AZ, this amount is believed to be $150,000 in 2007.

Do you want to learn about the actual statues? Arizona Homesteads and the Homestead Exemption

The rules that govern property that qualifies for homestead protection and the amount that you
will be protected for varies between the states. Usually, real estate taxes and mortgages are
exempt from the homestead rules. In order to release homestead rights, it’s usually necessary to have the signatures of both spouses on a contract.

With a life estate we are introduced to the idea of having ownership rights to a property for the duration of a person’s life.

Life Estates

Although life estates are temporary by nature, because they will end at the death of a person, while it is in effect it is treated as complete ownership. Life estates are not inheritable. They are granted to a person and cannot be passed on by that person to another.

There are two types of life estates that exist: Conventional life estates and Legal life estates. In this article we will discuss the prior.

Conventional life estates

Conventional life estates, come into existance through the action of a grantor through the means of a will, deed or trust. Within the conventional life estate there is a distinction of two kinds (a) ordinary and (2) pur autre vie [for the life of another].

Ordinary

If this life estate is ordinary it is based on the life tenant’s life (owner), this is considered an ordinary life estate. As long as the owner is alive, the life estate exists.

A gives B an ordinary life estate. B is the life estate tenant (owner) of the property and the life estate will continue to exist as long as B is alive.

Pur autre vie

If the life estate is based on the life of another, it is referred to as a pur autre vie life estate.

A gives B a life estate as long as C is alive. B is the life tenant (owner) and will remain so as long as C is alive.

Life Tenant

The life tenant really has true ownership interest and may gain income and profits from the property. In addition, the life tenant can lease, sell or mortgage their life estate.