The Arizona Residential Real Estate Purchase Agreement (“Residential Purchase 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 financing information and the closing date of the transaction. Soil remediation (§ 33-434.01 & § 49-701.02) – With regard to 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 of this would be the removal of excavated soils on the property.) The Arizona Residential Real Estate Purchase and Sale Agreement is a written agreement that sets out the terms that buyers and sellers of a real estate transaction must comply with. Typically, a real estate agent works with the buyer to finalize the agreement and determine a purchase price to include in the contract. A contract for the purchase and sale of residential real estate in Arizona is a legal document that sets out the terms regarding a buyer`s interest in buying land from a person who wishes to sell that property. The seller and buyer (or their lawyers) negotiate the terms of the agreement, including the purchase price, closing date, condition of the property, etc. Typically, the buyer should make a deposit or “serious money” to ensure that the seller is serious about the transaction. Once inspections have been completed, financing is in place (if applicable) and all other contingencies have been met, the parties may sign the purchase and sale agreement to complete the transaction. This document must only be completed and made available to a buyer if the buyer transfers properties defined as condominiums in § 33-1202 (10) or located in a planned community in accordance with § 33-1802 (4). The addendum discloses relevant information about condominiums or planned communities to the purchaser and must be provided prior to entering into a purchase agreement. Sellers must disclose buyers of a residential property in writing if the property for sale is located near a military airport or military auxiliary facility. U.S.
Legal Forms, Inc. provides real estate contracts and contract forms in Arizona for all of your real estate contract forms, including purchase agreements, deeds, owner-tenant forms, and others. Many free forms are not valid. We provide lawyers and you with the correct valid form. Free preview available. All forms are available in Word format. Residential real estate purchase agreements usually contain promises and provisions that guarantee 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 hides such information, he can be prosecuted for fraud. Military Airport (§ 28-8484) – All real estate contracts for the sale of residential real estate located in the immediate vicinity of a military air force station must be accompanied by a statement indicating this information. Lead-based paint (42 U.S.
Code § 4852d) – This is a mandatory disclosure that must be presented to all potential buyers of residential properties built before 1978. Both parties must agree on the price before signing the purchase contract. In addition, conditions such as real money, trust, down payment, financing, guarantees and contingencies, as well as the closing date, are set out in the contract. It is the buyer`s duty to carry out inspections on the property and if he detects problems, he may have the right to terminate the contract. In Arizona, sellers must enter into a real estate purchase agreement and the following disclosures for it to be considered legally binding: Material Facts (151 Ariz. 81, 725 P.2d 1115 (Ct. App. 1986)) – According to Hill v. Jones, all known material facts relating to the property must be disclosed prior to the performance of the contract. The Arizona Association of Realtors offers an example of a Seller`s Ownership Disclosure Statement (SPDS) related to the above disclosure title.
The Arizona Purchase Agreement is made during the perpetual exchange of ownership relating to a property for monetary value that occurs between the owner and the person buying the home. Specific information and disclosures must be recorded in the instrument to ensure that the document is valid. This information includes the identification of the buyer and seller, the details of the property purchased, and the type of financing used in the transaction. As a rule, the buyer must present funds for a serious cash deposit, which essentially serves as confirmation of the contract. Swimming pool (§ 36-1681 (E)) – If a residential property contains a swimming pool, the seller is required to include in the content of the purchase agreement a disclosure describing the obligations associated with the possession of a swimming pool, as well as educational information in accordance with the standards of the Ministry of Health. Comprehensive Loss Underwriting Exchange (CLUE). Arizona`s standard real estate contract requires sellers to provide the buyer with a copy of a report showing a five-year history of insurance claims filed on the property. This is called the COMPREHENSIVE Loss Underwriting Exchange (CLUE) report. Non-Legal Areas (§ 33-422) – Persons who sell 5 or fewer parcels of land contained in an “unincorporated area” must provide the buyer with an affidavit at least seven (7) days prior to the exchange of ownership.
* Declaration of Disclosure of Ownership (Hill v. Jones, 725 P.2d 1115) – The seller must disclose what they know about the condition of the property and known issues. While this is not the only disclosure form accepted by the state, it is the most commonly used. (Adobe PDF, MS Word (.docx) or ODT) Disclosure of Unincorporated Areas (§ 33-422) – A special disclosure form that applies to sellers of real estate (five parcels or less) on land without legal capacity. Questions about the disclosure report (public report) can be directed through the Message Center to the Arizona Department of Real Estate, Division of Development Services, click here….