Arizona Residential Purchase And Sale Agreement

As the name suggests, this document is used when buying or selling a home by short sale. Lead-based color (42 U.S. Code § 4852d) – This is a mandatory disclosure that must be presented to all potential buyers of residential real estate built before 1978. Condominium / planned community (§ 33-1806 & § 33-1260) – For developments of less than fifty (50) units, the owner of an apartment is responsible for providing the buyer with paperwork concerning the building report as well as all essential contact information. If the project contains fifty (50) units or more, the owners` association is required to disclose the necessary information. (This must be served on the buyer within ten (10) days of receipt of written notice of an ongoing sale.) The 11-page Arizona Residential Resale Real Estate Purchase Contract is a legal document that describes the obligations, requirements, and other information when buying a home in Arizona. The contract was established over time in order to provide clarity and protection to buyers and sellers of real estate in Arizona. There are key elements that will be part of the negotiation process when an offer is made for a home. Here is the list: Soil remediation (§ 33-434.01 & § 49-701.02) – In the context of dirt contamination, sellers must inform the buyer in writing if the soil contained within the property boundaries does not meet the standards for soil remediation for residential purposes. (An example would be the removal of excavation soils in the field.) The Residential Purchase Agreement and Sale Agreement is a legally binding contract between a buyer and seller for the purchase of a residential property.

The agreement sets out the amount to be paid to the seller, the buyer`s financial information and the closing date of the transaction. As a buyer, you should always be honest and sincere with the seller. If you make an offer to purchase, you must be ready to close the transaction. If you know there is potential that you cannot close for any reason, you must provide this information to the seller in advance. A treaty is actually a series of signed promises. Be prepared to keep your promises. We believe it is important for buyers and sellers to read the contract for the purchase of real estate before making or receiving an offer. Thus, we have a standard contract in PDF format that you can consult. You will find a link below in this article. Real estate purchase contracts usually include promises and provisions guaranteeing the condition of a property.

Many states require sellers to disclose explicit information about the condition of a property. In states where this is necessary and where a seller intentionally conceals such information, they can be prosecuted for fraud. Military Airport (§ 28-8484) – All real estate contracts relating to the sale of residential real estate located in the immediate vicinity of a military air station must be provided with a declaration of this information. On page two of the contract, the buyer is asked if he attaches this form to the offer to purchase. Some home sellers will not consider an offer without this form. We advise people to get pre-qualified by a lender before visiting homes. A document that is often seen in the houses of the bank and short sales. The addition of the AS IS describes the changes made to the sales contract when a house or apartment is sold in the AS IS state. .

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