Tips & Trends for the Flagstaff Real Estate Market:
Past Articles [December 2006]
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Public Report “READ IT”
As more and more subdivisions come to our community there are a greater number of choices for prospective buyers. However one thing you should know is that with each subdivision a public report must be issued by the Arizona Department of Real Estate. The department requires that before you buy, you be given a copy of the report. You are also required to sign a receipt indicating that your received a copy.
The department also recommends that you read the report before you sign any agreement and that you see the exact property that you are interested in before signing any document for lease or purchase.
The public report is a consumer oriented publication that describes a number of factors that may influence your decision to purchase in a particular area. Among the items discussed are:
- Subdivision Characteristics: This includes the sites topography and any known flooding or drainage problems.
- Airports: Location of the subdivision in relation to nearby airports, both public and military.
- Utilities: The report describes the availability of utilities including telephone.
- Streets Roads and Drainage: This includes access to the subdivision, and access within the subdivision. The developer will describe any drainage easements within the report.
- Common, Community and Recreational Facilities: This section describes any common use amenities within the development.
- Local services and Facilities: This includes schools, shopping, medical, fire, police etc.
The above list does not cover everything in the document. It is a snapshot of what you might expect to see. It is imperative that you read and understand the public report for any subdivision before you buy. I can assure you that it will be one of the most boring documents that you ever read but it is in your best interest that you understand exactly what you are buying.
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