Seller agrees to sell and the buyer agrees to buy a condominium unit under the terms and conditions of the contract. Other provisions of the agreement include: closing costs, deposits, insurance and proration.
Arizona Condominium Purchase Agreement
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How to fill out Condominium Purchase Agreement?
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As discussed above, a purchase agreement should contain buyer and seller information, a legal description of the property, closing dates, earnest money deposit amounts, contingencies and other important information for the sale.
It is a binding legal document that states the final sales price for the house and the terms of the purchase, as negotiated between the buyer(s) and the seller(s). Most states rely on a standard purchase agreement form, but some states require attorneys to draft the purchase agreement document.
Writing a real estate purchase agreement.Identify the address of the property being purchased, including all required legal descriptions.Identify the names and addresses of both the buyer and the seller.Detail the price of the property and the terms of the purchase.Set the closing date and closing costs.More items...
The simple purchase agreement template serves to protect the buyer and seller. It is a form that documents an agreement so that each party ensures fair treatment during the transaction. The document template allows for the ease in creation of a complex document.
Once the time limit has expired on the contingencies, you can still walk away from the house right up until closing, although you may lose your deposit. This is called liquidated damages. The seller could potentially sue you for specific performance, which means that you would be required to complete the contract.
Both parties have to agree on the price before the purchase agreement is signed. Furthermore, terms such as earnest money, escrow company, down payment, financing, warranties and contingencies, and the closing date will be outlined in the contract.
In Arizona, sellers are required to complete a real estate purchase agreement and the following disclosures in order for it to be considered legally binding:Buyer Inquiry.Comprehensive Loss Underwriting Exchange (CLUE).Swimming Pool Barrier Disclosure.Condo Disclosure Information.Notice of Soil Remediation.More items...
As discussed above, a purchase agreement should contain buyer and seller information, a legal description of the property, closing dates, earnest money deposit amounts, contingencies and other important information for the sale.
What are the six essential elements for an enforceable real estate contract? In writing, competent parties, mutual assent, legal consideration, lawful object, legal description.