Residential Purchase Agreement Arizona

Sellers in Arizona often agree to pay for a 12-month home warranty for the buyer, so you should ask for it. A house warranty covers different items, depending on the warranty company used and the warranty acquired. Important objects such as air conditioning are almost always covered at least partially. Home warranty companies typically charge the buyer a flat-rate travel fee of about $50 to $70 per warranty provided. The buyer can accept this counter-offer, in which case the buyer and seller have a fully valid contract. Or the buyer could write a counter-offer #2 (for example. B” The full purchase price is $X “) and so on until an agreement is reached or negotiations fail. A buyer who seriously offers money well below 1% is often interpreted by sellers as unserious with the purchase. Conversely, serious money, well above 1%, is often interpreted as a serious buyer`s sign. (FYI: In California, money is generally much higher than 1%).

Lead-Based Paint (42 U.S. Code ` 4852d) – This is a mandatory disclosure that must be submitted to all potential buyers of real estate built before 1978. Pool (B 36-1681 (E)) – If a residential property contains a swimming pool, the seller is required to include a disclosure in the contents of the purchase agreement that describes the obligations related to the ownership of a pool, as well as educational information that meets the standards of the Department of Health Services. If you are buying a home with your licensed real estate agent in Arizona®, they must use the arizona Association of Realtors ® (AAR) pre-printed sales forms. A good real estate agent will help you prepare and negotiate so that you can make an offer that will take into account all the factors important to you and your family. Since February 2017, the use of smart products that allow homeowners to remotely control and monitor devices in the home has increased dramatically. However, the February 2017 residential purchase agreement does not deal directly with smart home devices, which creates occasional differences of opinion as to whether these devices convey. To address this issue, a change was made to section 1g entitled Fixtures and Personal Property. Once you have found the home you want to buy, you and your broker will pass on some information needed to write the contract online. Your agent will prepare the necessary documents to make an offer for a home officially available. You should check the documents and make sure they present your best interests correctly.

You will sign the offer to purchase and your agent will present it to the seller`s representative at the same time as your mortgage pre-qualification letter. Residential sales contracts generally contain promises and provisions that guarantee the condition of a property. Many states legally require sellers to deivate explicit information about the condition of a property. In states where this is necessary and where a seller deliberately conceals such information, they may be prosecuted for fraud. Unincorporated Areas – People who sell 5 parcels or less in a “non-communal territory” must submit an affidavit to the buyer within at least seven (7) days prior to the exchange. The Arizona Residential Real Estate Purchase Contract (“Home Purchase and Sale Contract”) is a legally binding contract between the buyer and seller for the purchase of a residential property.