Buying a home is typically a good investment, but real estate transactions are frequently complicated, with numerous potential traps for the uninformed. Contact an experienced real estate attorney to help you protect your rights and structure your home-buying transaction to your benefit.
Arizona Home Ownership
Since 1999, the attorneys at McCain & Bursh, PLC have assisted home owners throughout the Greater Phoenix and Scottsdale areas. Our clients come to us with concerns regarding real estate transactions, foreclosure, loan modifications and workouts. The following is general information regarding home ownership. To discuss your specific situation with one of our attorneys, please call 602-604-2138 or contact us online.
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Our lawyers have the experience and the desire to help Arizona home owners with a variety of legal needs — from real estate transactions and leasing to foreclosure assistance, loan modifications and workouts.
With over three decades of combined legal experience, Marc D. McCain and Darius Bursh can help you with your legal goals. If you legal assistance regarding your home or home loan, call us today at 602-604-2138 for a free case evaluation.
Home Improvements
Every year, thousands of homeowners take on home improvement projects, either on their own or with the help of a contractor. Home improvement fulfills many needs, from increasing a home's value to improving a homeowner's quality of life. A home improvement project can be a good experience, but there are many challenges and legal issues. A Arizona attorney who understands home improvement law from McCain & Bursh, PLC can help you have a positive experience so you can enjoy the fruits of your labor.
Deciding to Remodel
Remodeling may promise a homeowner their dream house, but if large changes are planned, it may make more sense to just purchase a different property. Significant changes to a home may also make it harder to sell. Homeowners should consider property value trends, resale value, and his or her own plans for staying in the area. It can be difficult to sell the largest, most expensive home in the area, and potential buyers may not be interested in the specific improvements the owner wants to make.
Paying for Home Improvements
Many homeowners pay for home improvements using a loan secured by a second mortgage on their home. HUD has a number of programs that may help finance home improvements if the homeowner and the project are included in HUD's guidelines. Many HUD special programs exist for repairs that meet the HUD criteria, including funds for fixer-uppers, loans for Native Americans, and rural home improvement and repair loans and grants.
Avoiding Deceptive Home Improvement Contractors
Many laws attempt to protect homeowners from deceptive home improvement contractors, but a homeowner must still be careful. Federal Trade Commission rules address the problem of false advertising, and vendors cannot legally engage in "bait-and-switch" techniques or advertise a product or service for less than it really costs. The federal Truth in Lending law protects homeowners who finance their projects. The Truth in Lending Act (TILA) also provides a "right to rescission," which gives a borrower three business days to cancel any contract that was signed at any location other than the seller's place of business and that includes any kind of financial claim to a home. State laws also protect homeowners. If a homeowners believes he or she is the victim of a dishonest contractor, he or she should contact an attorney at McCain & Bursh, PLC to determine the best approach to pursuing any claims.
Dealing With a Contractor
Homeowners should ask around for recommendations from their friends and colleagues to find a good contractor. They can also speak with building inspectors, bankers, and trade groups about contractors who do the kind of work they want done . For a large job, a homeowner should interview and solicit bids from two or three contractors for the same work. The lowest bid is not necessarily the best, and a contractor with a good reputation might be worth a premium. Check references and the contractor's credentials, verifying that he or she has a current license and is bonded, before signing any agreements. In order to avoid liability, confirm that the contractor carries workers' compensation insurance. Also, ask about warranties on the work, check for civil judgments or lawsuits pending against the contractor, and put the contract in writing. The contract should include identifying information, the starting and completion dates, a specifically identified scope of work, a description of materials to be used, a statement that the contractor is responsible for all licenses and permits, and provisions regarding cleanup, storage, theft, damage, change orders, warranties, and progress payments. It is wise to make the final payment as large as possible, and not payable until all work is completed and approved, the subcontractors are paid, and any liens are canceled. A subcontractor who is not paid may be able to file a construction or mechanic's lien on the property. If you discover that a subcontractor has filed a lien, call your lawyer immediately.
Conclusion
Improving a home can be an exciting project, but a homeowner should proceed carefully in choosing a contractor and negotiating a contract. An attorney who is knowledgeable in the laws related to home improvements, such as those at McCain & Bursh, PLC in Phoenix, can help you protect your rights.
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