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Arizona Home Buyer Resources

Arizona Home Buyer Resources

Arizona Homes | Arizona Luxury Homes | Arizona Property Values

Buying a Second Home in Phoenix

There are many things to consider before buying a second home in Phoenix. What kind of property are you looking for? Investment, Vacation, Luxury Home, future Retirement Home? You want to find the home that meets your needs and financial position. My goal is to help guide you, not push you. That’s the same with any Resort and Second Home Property Specialist (RSPS). We work with investment and second home clients, like you, to help make a no pressure experience. Whether considering a resale home/condo or buying/building a brand new home, our assistance is provided at No Cost to You.

As a Resort and Second Home Property Specialist (RSPS), I can assist you:

  • Evaluate and select the type of property
  • Assist you in finding the best form of ownership
  • Suitable Financing Options
  • Identify strategies for building a rental business
  • Discover investment value of a property
  • Understand the IRS Guideline for tax treatments of second home, vacation and investment properties

View the Arizona Relocation Guide to learn more about locations and communities. Then fill out the Arizona Home Finder form and I will start sending over new property listings.

Second home purchases are staying strong. These tips from can help you with buying a second home in Phoenix.

Top 10 Things to Know About Buying a Second Home


One out of three homes sold in 2007 was a vacation home or investment property, showing that demand for second homes remains healthy despite a slow housing market. With home buyers enjoying an advantage in many markets, now may be the time to buy that second home. Whether you’re dreaming of paradise or profit, master these 10 tips for a smart investment.

  1. Resist the urge to impulse buy.
    Don’t come back from vacation with the keys to a new house without having thoroughly researched your purchase first. If you buy on a whim, you may end up with a second home you can’t afford or that doesn’t fit your needs.
  2. Evaluate your needs and long-term goals.
    Be realistic about what type of second home suits your lifestyle. If you’re looking for a weekend getaway, staying within a day’s drive of your primary home could be a good move. If you’d like your second home to someday serve as a retirement spot, assess the home’s accessibility and check out health care services in the area.
  3. Get to know the area before buying.
    Even if you’ve been visiting the same vacation spot for years, you need to get to know the area from a non-tourist perspective if you plan to buy there. Visit the place off-season, and talk to locals to get their take on the area.
  4. Hire a local real estate agent.
    Buying a vacation home outside your area can be tricky, as residential real estate is extremely localized. A local agent can help you get to know the market.
  5. Decide what type of home is right for you.
    Think about how much time you’re willing to devote to maintenance when deciding between a condo and a single-family home. Condos are a good choice for buyers who only plan to use their homes occasionally and don’t want to deal with year-round maintenance. But if you don’t want to sacrifice privacy, stick with a single-family home.
  6. Shop around for a mortgage.
    The market changes constantly, so resist the temptation to take whatever terms your lender on your first home offers you. See what else is out there to get the best deal possible.
  7. Calculate additional expenses.
    Don’t forget about insurance and maintenance when adding up the costs of your second home. Some of the most desirable areas are at a higher risk for hurricanes, floods or forest fires, so insurance for these areas can be pricey. Get several insurance quotes before making an offer. For maintenance, a good rule of thumb is to set aside 2 percent of the home’s value per year for upkeep and repairs.
  8. Consider fractional ownership to cut down on costs.
    If you buy a second home on your own, you may find yourself shelling out a lot of money for the amount of time you actually spend there. By pooling your resources with friends or relatives, many people can enjoy a vacation getaway for a fraction of the cost.
  9. Look into tax benefits.
    You don’t have to pay taxes on rental income if you rent out your home for fewer than 15 days a year, but you can’t deduct any rental expenses. If you rent out your home for more than 15 days a year, you have to report the income, but you can deduct expenses like maintenance and cleaning.
  10. Rent your home out for extra income.
    If you need extra cash to supplement your monthly mortgage payment, renting out your second home could be a good option. Being a landlord comes with more responsibilities than many people realize, so familiarize yourself with landlord/tenant laws and the Fair Housing Act before renting out your home.

Arizona Real Estate Agent serving the Phoenix Metro area including, but not limited to, Gilbert, Chandler, Mesa, Ahwatukee, Sun Lakes, Queen Creek, San Tan Valley, Apache Junction, Gold Canyon, Scottsdale, Fountain Hills and Paradise Valley. Whether you are buying a second home in Phoenix or looking to relocate, I can assist you with your goals and make sure it is a positive, successful transaction.

RSPS Buying a Second Home in Phoenix

Buying a Second Home in Phoenix

Arizona Homes Mobile App

Arizona Homes Mobile App is a Homes and Real Estate Search App for all Mobile Devices including iPhone, Android, iPad, iPod and Tablets.

Wish you could see Arizona home details while you are driving around looking at homes? NOW YOU CAN!
With my Arizona MLS Search Mobile App, powered by Smarter Agent, you can search for any home in the area on all of your Mobile Devices. Check out price, beds/baths, details, maps, even photos – all from the convenience of your iPhone, Android, iPad, iPod or any Tablet. Wherever you are, driving, or walking around looking at properties, you’ll have access to all of the Arizona MLS information on the homes for sale around you, with just one touch of a button on your cell phone.

Once you find a house you like, just hit the “Contact” and  “Call To See” button on your phone and you’ll reach me directly to answer your questions.
GET THE MOBILE APP NOW – Text AZHOMES411 to 87778 or enter your Phone Number or email address below

Arizona Real Estate Mobile App

Arizona Real Estate Mobile App QR Code

Arizona Homes Mobile App


Arizona Contractors, Vendors and Real Estate Resources

Arizona Contractors, Vendors and Real Estate Resources for the Phoenix Metro Area. Arizona Home Buying, Home Selling and Living Well Resources

Arizona Contractors

Air Conditioning and Heating | Air Duct Cleaning | Appliances and Televisions | Attorney – Real Estate Law and Evictions | Auto Mechanic | Carpet and Tile Cleaning | Cleaning Services | CounterTops | Electrical | Flooring | Furniture | Garage Door Repair and Replacement | Handyman Services | Home Entertainment | Home Inspection | Home Warranty | Insurance | Landscaping | Moving Companies | Painting | Pest Control | Pet Grooming | Pet Sitting | Plumbing | Pool Builders | Pool Maintenance and Service | Property Management – Commercial | Property Management – Residential | Real Estate Agents | Remodeling and Renovations | Restoration – Water, Fire, Mold | Roofing | Security | Sunscreens | Tenant Screening | Title and Escrow Services | Trash Out Service | Window Repair and Replacement | Window Tinting

Air Conditioning and Heating

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Air Duct Cleaning

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Appliances and Televisions

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Attorney – Real Estate Law and Evictions

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Auto Mechanic

  • Nick’ Repair
    Nick Cargiulo
    480-239-7510 Cell
    480-459-5846 Office
    Skilled, Honest and Personable

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Carpet and Tile Cleaning

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Cleaning Services

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Garage Door Repair and Replacement

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Handyman Services

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Home Entertainment – Media, Audio, Video Services

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Home Inspection

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Home Warranty

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Moving Companies

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Pest Control

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Pet Grooming

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Pet Sitting

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Pool Builders

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Pool Maintenance and Service

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Property Management – Commercial

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Property Management – Residential

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Real Estate Agents (Did you expect anyone else???)

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Remodeling and Renovations

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Restoration – Water, Fire, Mold

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Tenant Screening

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Title and Escrow Services

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Trash Out Service

  • Valleywide Trash Out
    Richard Torigiani

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Window Repair and Replacement

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Window Tinting

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Arizona Contractors, Vendors and Home Resources

Arizona Contractors, Vendors and Home Resources for the Phoenix Metro Area. Arizona Home Buying, Home Selling and Home Living Resources.

Get Prequalified for a Home Loan

Stearns Lending Get prequalified for a home loan in ArizonaServing, but not limited to, Scottsdale, Fountain Hills, Paradise Valley, Phoenix, Ahwatukee, Tempe, Gilbert, Chandler, Mesa, Apache Junction, Gold Canyon, Queen Creek and San Tan Valley.

Whether you’re buying, selling, refinancing, or building your dream home, you have a lot riding on your loan specialist. Since market conditions and mortgage programs change frequently, you need to make sure you’re dealing with a top professional who is able to give you quick and accurate financial advice. As an experienced loan officer Chioki Wade has the knowledge and expertise you need to explore the many financing options available.


Stearns is licensed and approved to conduct business in 49 states with HUD (United States Department of Housing and Urban Development). Additionally, Stearns is an approved Single Family Issuer for Ginnie Mae (Government National Mortgage Association); an approved Seller/Servicer for FNMA (Federal National Mortgage Association), also known as Fannie Mae; and, an approved Seller/Servicer for FHLMC (Federal Home Loan Mortgage Corporation), also known as Freddie Mac. Stearns is also approved for VA (United States Department of Veterans Affairs), USDA (United States Department of Agriculture), and is an approved lending institution with FHA (Federal Housing Administration).


Stearns merges the extensive experience and efficient services of a mortgage bank with the flexibility and product variety of a mortgage broker to create a more comprehensive way of lending.  Loan applications are handled on a regional basis, eliminating the need to ship your application across the country for underwriting, approval and document preparation.

Stearns Lending LLC, Sales Manager of Mortgage Lending, Chioki Wade, serving the Phoenix Metro Area including, but not limited to, Gilbert, Chandler, Mesa, Tempe, Ahwatukee, Phoenix, Scottsdale, Fountain Hills, and Paradise Valley.

Get Preapproved for an Arizona Home Loan

 Get prequalified for a home loan now.

Fill in the form below and we will get back to you as soon as possible.

All information provided is strictly confidential and will not be released to any other party by any means. By submitting this form with your telephone number to get prequalified you are consenting for HomeSmart, Stearns Lending LLC and all authorized representatives to contact you even if your name is on a Federal or State “Do not call List”.

Get Prequalified for a Home Loan – Get Preapproved for an Arizona Home Loan

Chioki Wade
Sales Manager of Mortgage Lending
Stearns Lending LLC
(480) 684-4031 Cell
(855) 766-0166 Fax
Stearns Lending
8426 E Shea Blvd, Suite 2
Scottsdale, AZ 85260
NMLS# 554486
Branch NMLS# 1173483
Company NMLS#1854

Equal Housing Lender Stearns Lending LLC

Get Prequalified for a Home Loan – Get Preapproved for an Arizona Home Loan

Stearns Lending LLC, Sales Manager of Mortgage Lending, Chioki Wade, serving the Phoenix Metro area including, but not limited to, Gilbert, Chandler, Mesa, Tempe, Ahwatukee, Phoenix, Scottsdale, Fountain Hills, and Paradise Valley.

Arizona Useful Links and Resources

Arizona Useful Links and Resources with Area Information, Things to Do, Parks & Recreation, Shopping, Sporting Events, Schools, Utilities

Arizona Official Websites | City Websites | County Websites | News | Schools | Shopping | Sports | Telecommunications | Things To Do | Transportation | Utilities | Youth Sports

Arizona Official Websites

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City Websites (City Services including Water, Sewer, Trash)

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County Websites

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Telecommunications – Phone, Internet, Cable TV Services

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Things To Do

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Youth Sports

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Arizona Useful Links and Resources

Real Estate Language - Terms and Definitions

Common Real Estate Language and Mortgage Terms and Definitions for Home Buyers and Sellers.



ABR® (Accredited Buyer’s Representative)
The ABR® designation is the benchmark of excellence in buyer representation. This coveted designation is awarded to REALTORS® who meet the specified educational and practical experience criteria, by the Real Estate Buyer’s Agent Council (REBAC) of the National Association of REALTORS®.

Why should you look for the ABR® designation before looking for a home? These three letters after a REALTORS® name tell you that you’ll be working with someone committed to your best interests, someone who has both made education a career priority, and has also demonstrated the experience needed to provide the finest in buyer representation.

ABRM? (Accredited Buyer’s Representative Manager)
The ABRM? designation is the only Buyer Representation Designation for Managers, Brokers and Owners affiliated with the National Association of REALTORS®. The ABRM? designation is awarded by the Real Estate Buyer’s Agent Council (REBAC) of the National Association of REALTORS® to those members who meet the extensive specified educational and practical experience criteria.

The fiduciary duty that requires the agent to promptly report to the principal/client all money and property received and paid out, and upon request, to tender an account of these actions. This duty also requires the agent to safeguard money or property held on behalf of the principal/client.

Adjustable-rate Mortgage (ARM)
A mortgage that permits the lender to adjust the interest rate periodically on the basis of changes in a specified index.

Any relationship in which one party (agent) acts for or represents another under the authority of the latter.

A party who is authorized to act in the best interests of a principal/client, and is obligated to place the principal’s interests before the interests of any other parties, including the agent’s own interests regardless of whether the agency relationship is with the seller of the property or the buyer.

Amortization Schedule
A timetable schedule showing the amount of each payment applied to interest and principal and the remaining balance after each payment is made.

A written analysis of the estimated value of a property prepared by a qualified appraiser.

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Biweekly Payment Mortgage
A mortgage requiring payments every two weeks instead of the standard monthly payment. The result for the borrower is a substantial savings in interest.

A person who, for a commission or a fee, brings parties together and assists in negotiating contracts between them.

Buyer’s Representative
A real estate buyer’s representative represents the consumer who is purchasing property in a real estate transaction, not the seller. State law varies but usually a buyer’s representative works for, and owes fiduciary responsibilities (see fiduciary duties) to, the real estate buyer and has the buyer’s best interests in mind throughout the entire real estate transaction.

Buyer Representation Agreement
An agreement that specifies the duties and the scope of services a buyer’s representative agrees to provide to the buyer as well as specifying the buyer’s responsibilities. In some states, where there is no written agreement required, the agent will be presumed to be representing the buyer. Consult with your local REALTOR® for complete details when you first start the search for any real estate property.

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Capital Gains
The profit obtained from the sale of an asset, such as real estate.

Certificate of Title
A statement provided by an abstract company or attorney stating that the title to real estate is legally held by the current owner.

Certified International Property Specialist Network
NAR created the CIPS Network Certified International Property Specialist Network, comprised of 1,300 real estate professionals who deal in all types of real estate, but with one common element: They are focused specifically on the international market.

A party whose interests are to be served by the words and deeds of an agent with or without a contract according to state law. Also referred to as a principal. Regardless of whether the duties owed in a particular state are traditional, common law fiduciary duties or are statutorily defined, they are still owed to any principal/client.

A meeting at which a sale of property is finalized by the buyer signing the mortgage documents and paying closing costs, and seller’s transfer of the deed to the property.

Closing Costs
The fees, costs and taxes associated with the purchasing of a home, the borrowing of money and the preparation of necessary paperwork to finalize the sale. The total amount of the closing costs will vary depending on where the new home will be located, what type of property it is, the price of the home and the complexity of the transaction. It is extremely important that the buyer work closely with his/her buyer’s representative and lender and title company (although in states where attorneys are used, the attorney usually works with the title company) in the early stages of the home buying process to determine what these costs could be, since closing costs can easily represent thousands of dollars. There are four categories of closing costs: (1) discounts points to buying down the mortgage; (2) the costs of originating the mortgage; (3) taxes and other local fees; (4) the cost of documentation.

See Comparative Market Analysis

Code of Ethics
The Code of Ethics and Standards of Practice of The National Association of REALTORS® establishes obligations that a real estate professional who is a member (a REALTOR®) must comply with to ensure that all parties to the transaction are treated fairly.

An asset (such as a car or a home) that guarantees the repayment of a loan.

The fee charged by a broker or agent for providing services related to a real estate transaction such as marketing the property, bringing the parties together, and negotiating a purchase contract or loan.

Comparative Market Analysis (CMA)
An analysis provided by a real estate professional that surveys like properties in a given area or of a certain type for the purpose of determining the relative value of a given property.

The fiduciary duty that prohibits the agent from communicating personal information about the principal that was given to or acquired by the agent within the scope of employment as an agent to the principal. Personal information must be kept confidential unless the client releases the agent, or subagent, from this duty. However, the material facts and defects of a property are not confidential.

Cost of Documentation
A closing cost for any research involving public records and the title history on the property that is being bought. This insures that the title on the property is unencumbered by other ownership or liens and can be delivered to the buyer at closing. Other costs include Recording and Transfer fees that cover the legal recording of the deed to the buyer’s name.

Costs of Originating the Mortgage
A closing cost that generally includes a variety of fees such as the loan origination fee, the appraisal fee and the cost of credit reports. There are also other fees that will be expected to be paid at closing such as hazard and mortgage insurance and interest accrued on the mortgage between closing date and the end of the month.

Credit Rating
An assessment of a person’s ability (or history) of debt repayment. Most information in a credit rating comes from companies that an individual has credit with such as banks, department stores, finance companies etc. as well as from certain public records such as lawsuits, tax liens, judgments and bankruptcies.

Credit Report
A report of an individual’s credit history prepared by a credit bureau and used by a lender in determining a loan applicant’s creditworthiness. Credit reports are usually based on the individual’s: (1) credit history; (2) who reviewed the credit history; (3) information that has been given to the credit information company; (4) specific identification information; and (5) any explanatory notes and comments.

A party with a non-agency relationship with a real estate professional in a transaction. Duties still may be owed to a customer, but not all of the traditional (fiduciary) duties owed to a principal/client.

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The legal document conveying title to a property.

Designated Agent
The party selected to represent a principal/client in a designated agency office. Designated agency has been legislatively created in many states, allowing the management of a brokerage to establish an office policy, whereby the managing broker appoints, or designates, one licensee associated with that brokerage to act as the exclusive agent of the buyer and another to act as the exclusive agent of the seller. No other licensee in the brokerage has an agency relationship to represent that principal/client.

Discounts Points (to Buying Down the Mortgage)
A closing cost that is optional and can vary significantly from 0.5 to 3 points on the total of the mortgage. It is a one-time charge that is calculated based on the amount of the mortgage loan. A buyer would pay this amount up front to reduce the ongoing cost of the mortgage over the life of the loan. This charge is fully deductible as mortgage interest.

One that no longer acts as an agent between persons.

Dual agent
A broker who works with both parties in a real estate transaction buyer and seller, landlord and tenant. All jurisdictions require dual agency to be disclosed to the parties to the transaction.

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Earnest Money Deposit
A deposit made by the potential home buyer to show that he or she is serious about buying the house.

1) Electronic buyer. 2) The collective that describes consumers who conduct research on and/or buy products via the Internet. 3) Customers the real estate industry has always worked with, who just come to the table better informed and with clearer ideas about what they want, because they have Internet Information.

A homeowner’s financial interest in a property.

A deposit of value, money, or documents with a third party to be delivered upon the fulfillment of a condition. For example, the earnest money deposit is put into escrow, held by the broker, bank or other party, until delivered to the seller when the transaction is closed.

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Facilitator and Transaction Broker
Some states have passed statutes/regulations that allow a real estate licensee to act as a non-fiduciary, neutral mediator to bring parties together, without representing either party as a client. Some states allow real estate brokerages to act in a non-fiduciary capacity for both parties to a transaction. A facilitator or transaction broker has a duty to exercise reasonable care, provide an accounting to all parties and, in some states, may have additional duties imposed by the statute.

Fair Credit Reporting Act
A consumer protection law that regulates the disclosure of consumer credit information by consumer/credit reporting agencies and establishes procedures for correcting mistakes on ones credit record.

Fair Housing Laws
Local, state, and federal fair housing laws that prevent discrimination against any individual or group of individuals based upon race, color, religion, sex, handicap, national origin or familial status, as well as other groups protected by various local and state fair housing laws.

Fiduciary Duties
The term fiduciary is defined as of relating to or involving a confidence of trust. Fiduciary duties are determined by state law and generally include: confidentially, undivided loyalty, obedience, reasonable care and diligence, full disclosure, and accounting. Regardless of whether the duties owed in a particular state are traditional, common law fiduciary duties, or are statutorily defined, they are owed to any principal/client.

For Sale By Owner (FSBO)
A property for sale that is not listed by a real estate professional.

Full Disclosure
The fiduciary duty that requires the agent to disclose affirmatively and honestly all information the agent knows concerning the transaction (and property) which might affect the decisions a a client or customer makes.

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Good-faith Estimate
An estimate of closing costs associated with the purchase of your home.

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Home Buyer’s Guide
A Guide that explains the Home Buying process and includes information on assessing credit, determining wants and needs in a home, selecting a vendor, all the way to packing for the move. First-time and seasoned home buyers will find value in its checklists, and worksheets. View the Arizona Home Buyer’s Guide.

Home Inspection
A thorough inspection that evaluates the structural and mechanical condition of a property. Could be environmental, energy-efficient, etc.

Home Ownership Cycle
The sequence that begins with assisting with property selection and contract negotiation, providing home improvement resources, and assisting in the sale when that time comes.

Home Seller’s Guide
A Guide that explains the Home Selling process and includes information on presenting the property at it’s best, Stages of Escrow, and Moving checklists. View the Arizona Home Seller’s Guide.

Home Warranty
A guarantee for mechanical systems and appliances, but not the structure, against repairs not covered by homeowner’s insurance; coverage is for a specific period of time.

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The legal claim against a property that must be satisfied before the property may be sold.

LTV (loan to value)
The ratio of the amount of a mortgage loan to the appraised value or sales price of the property mortgaged, whichever is lower.

A written agreement in which the lender guarantees a specified interest rate if a mortgage goes to closing within a set period of time.

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A loan to finance the purchase of real estate, usually with specified payment periods and interest rates. Generally, the mortgage document pledges the mortgaged property to the lender as security for the loan.

Mortgage Insurance
A policy that insures the lender against loss caused by a mortgagor’s default on a mortgage.

Multiple Listing Services (MLS)
A database of all properties for sale listed by members of a specified MLS.

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National Association of REALTORS® (NAR)
Since its inception in 1908, the National Association of REALTORS® has worked successfully to advance home ownership, real estate investment, private property rights and the free enterprise system in the halls of Congress and the Federal agencies. NAR is the acknowledged leader in developing standards for efficient, effective, and ethical real estate business practices. With more than 1,200,000 members representing every city, township and community across America, NAR is the “Voice for Real Estate” in the nation’s capital.

Net Worth
The value of all of a person’s assets, including cash, minus all liabilities.

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The fiduciary duty that requires the agent to follow and abide by all lawful instructions of the principal/client within the scope of authority conferred by the principal/client.

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Principal, Interest, Taxes and Insurance: four components of a monthly payment on mortgage loans.

Private Mortgage Insurance is coverage provided by a private mortgage insurance company to protect lenders against loss if a borrower defaults. Coverage is usually required for a loan with a loan-to-value (LTV) percentage in excess of 80 percent.

A point is one percent of the amount of the mortgage. At closing, Lenders sometimes charge borrowers a percentage of the loan amount equal to the number of points to cover the lender’s cost. Sometimes borrowers pay higher points in exchange for a lower interest rate.

Prime Rate
The interest that banks charge to their preferred customers, usually large corporations, for short-term loans.


  • The amount borrowed or remaining unpaid.
  • The client in a real estate agency relationship.
  • In other contexts, the term principal can mean an owner. (For example, the principals of a corporation means the owners of the corporation.)

Purchase Contract
The purchase contract is the legally binding document that sets forth the terms of the sale, establishes the rights and obligations of the parties involved, specifies the actions to be taken in order to close the sale, and establishes the time frames for those steps to be completed.

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Real Estate Agent
A person licensed by a state to negotiate and transact the sale of real estate on behalf of a property owner/seller or buyer.

Real Estate Buyer’s Agent Council (REBAC)
The Real Estate Buyer’s Agent Council was founded in 1988 to promote superior buyer representation skills and services. An affiliate of THE National Association of REALTORS® (NAR) since 1996, REBACs is the world’s largest organization of real estate professionals concentrating on buyer representation. Members who meet all course and professional experiential requirements are awarded the ABR® (Accredited Buyer’s Representative) and/or ABRM? (Accredited Buyer’s Representative Manager) Designation(s). Both are the only designations of their type recognized by NAR.

A registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.

Reasonable Care and Diligence
The fiduciary duty that requires the agent to protect the principal/client from foreseeable risks of harm, recommending that the principal obtain expert advice or assistance when the principal’s needs are outside the scope of the agent’s expertise.

See Real Estate Buyer’s Agent Council.

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Sales Contract
Also known as a purchase contract, the legally binding document that sets forth the terms of the sale, establishes the rights and obligations of the parties involved, specifies the actions to be taken in order to close the sale, and establishes the time frames for those steps to be completed.

Senior Real Estate Specialist (SRES®)
A Senior Real Estate Specialist (SRES®) is a designation for REALTORS® to address the needs of home buyers age 50+.

Settlement Statement
A document prepared by a broker, escrow company, or lender detailing the complete breakdown of the costs and disbursements in a real estate transaction.

Single Agent
A broker who works for just one party-client in a real estate transaction — the buyer or the seller, the landlord or the tenant, and not both, with primary fiduciary duties to that party only.

A party who is authorized to act on behalf of, traditionally, a seller’s agent, which is to say, an agent for an agent. A subagent owes the same fiduciary duties to the principal/client as the agent does.

Subprime Loan
A type of loan that is offered at a rate above prime to individuals who do not qualify for prime rate loans. Quite often, subprime borrowers are often turned away from traditional lenders because of their low credit ratings or other factors that suggest that they have a reasonable chance of defaulting on the debt repayment.

A drawing or map showing the precise legal boundaries of a property, the location of improvements, easements, rights of way, encroachments, and the other physical features.

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Taxes and Other Local Fees
A closing cost that will vary according to the requirements of local governments. Some may demand that the property taxes be pro-rated according to when the buyer will officially become the owner of the property. There can also be personal property taxes, homeowner’s association dues, and other assessments that are specific to the area that you are moving into, as well as transfer taxes in some locations.

Title Search
A check of the title records to ensure that the seller is the legal owner of the property and that there are no liens or other claims outstanding.

Truth in Lending
A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage, including the annual percentage rate and other charges.

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The process for evaluating a loan’s application to determine the risk involved for the lender.

Undivided Loyalty
The fiduciary duty that prohibits the agent from advancing any interests adverse to the principal’s interest or conducting the principal’s business in such a way as to benefit a customer, a subagent, the agent or any other party to the detriment of the principal’s interest unless required by statute, regulation or common law – e.g., disclosing material facts and defects of a property.

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Walk Through
A final inspection of a home before closing to verify that the condition of the property and contents are as contracted.

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Real Estate Language – Terms and Definitions

Arizona Real Estate Rebate – Commission Rebate at Closing

Arizona Real Estate Rebate

Arizona Real Estate Rebate Program:

Buy a Home and Get 20% Commission Rebate*

Arizona Real Estate Rebate: When a property is listed for sale, the seller typically pays a 3% commission to the buyer’s broker. Then the Broker pays the Agent their agreed split. Most real estate agents then keep all of the commission for themselves. When you use Zenja Darabnia as your exclusive buyer’s agent and purchase a home, she will give you up to a 20% commission rebate* on your home purchase.

Rebate applies to all homes listed for sale on the Arizona MLS (Multiple Listing Service) – including those listed with another real estate company and includes New Construction as well as resale homes. Restrictions may apply.

Example: Buying a $550,000 Home – you could receive up to $3,300 rebate*

Fill in the Rebate/Home Finder Form Below to get Started. Download the Commission Rebate Form . Fill out, Sign and Email to Once received, I will send over the Buyer Broker Agreement for you to fill out, sign and return back to me. Then you are on your way to purchasing a home with Full Service Buyer Representation and receiving a Commission Rebate at Closing.

* Arizona Real Estate Commission Rebate is available to buyer’s who close escrow with Zenja Darabnia, a real estate agent of HomeSmart, acting as their sole and exclusive real estate agent for their home purchase. For homes with a Final Sales Price of $100,000 or more, a Commission Rebate is calculated as 20% of the cooperating real estate broker commission actually received by the agent of HomeSmart at close of escrow as indicated on the final HUD-1 for representing the buyer, minus any allowances or deductions paid by HomeSmart and or Zenja Darabnia as related to the transaction. At times, seller and/or listing brokers in a real estate transaction may offer the buyer’s broker an additional bonus or incentive above the base cooperating brokerage commission. These bonuses are separate and apart and are not used in calculating the commission rebate. Click here for additional details of cash-back rebate. Home buyers that are financing must get Lender approval, as not all lenders will allow it. Arizona Real Estate Rebate shall be credited to the buyer on settlement statement. Offer good beginning February 8, 2017 through December 31, 2017. Offer may be extended depending on circumstances.

Arizona Real Estate Rebate – AZ Commission Rebate at Closing