_________Things to Consider When Buying Land
Ask to see the Arizona Department of Real Estate Public Report before you sign anything. The contents of the Report are described above in "New Homes in a Subdivision" above. Pay particular attention to the source of utility services. You may find that bringing utilities to the property will be an expensive proposition. If the property you are considering is smaller than 160 acres, if there are more than five parcels in the subdivision, and if the developer cannot produce a Public Report, the subdivision is probably illegal. If you buy the land without reading a Public Report, you may find there is no supply of water, or that it will cost tens of thousands of dollars to bring electric service to the property. You may also find that you do not have permanent legal access to your property.
Ask to see the Arizona Department of Water Resources report for the property. Determine that there is an assured or adequate water supply (depending on whether the property is in or outside of a Groundwater Active Management Area), and how much it will cost to have a well dug if necessary.
If purchasing raw land with the intent to develop it into smaller parcels, be aware that splitting the land into more than five parcels requires a Subdivision Public Report issued by the Arizona Department of Real Estate. For more information about applying for the report and the cost, contact the Development Services Division at 602.771.7750.
If you have inspected the land and signed a purchase agreement or contract, you have 7 calendar days following the day on which you signed the agreement or contract to rescind the purchase in writing without cause. The rescision notice must be received by the seller by midnight of the seventh calendar day. The seller must clearly and conspicuously disclose your right to rescind the purchase. Right of rescission does not apply to new or previously owned homes.
If you have not inspected the land before signing a purchase agreement or contract, you have 6 months in which to inspect the land, and at the time of the inspection you have the right to rescind the purchase.