This form provides a buyer with an exclusive and irrevocable option to purchase residential real estate, specifically a commercial building.
Arizona Option For the Sale and Purchase of Real Estate - Commercial Building
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In Arizona, you do need a commercial real estate license to engage in activities involving the sale or lease of commercial properties. This regulation ensures that all transactions align with state laws, protecting both buyers and sellers. For those unfamiliar with the process, utilizing platforms like uslegalforms can simplify your experience and keep you informed about licensing requirements.
The basics: What is an option contract in real estate? In the simplest terms, a real-estate option contract is a uniquely designed agreement that's strictly between the seller and the buyer. In this agreement, a seller offers an option to the buyer to purchase property at a fixed price within a limited time frame.
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.
An option to purchase is an agreement that gives a potential buyer (optionee) the right, but not the obligation, to buy property in the future. The optionee must decide by a certain time whether to exercise the option and thereafter by bound under the contract to purchase.
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...
With the option-to-purchase route, the buyer pays the seller money for the exclusive right to purchase the property within a specified term (often six months to a year). The buyer and seller might agree to a purchase price at that time, or the buyer can agree to pay market value at the time their option is exercised.
Commercial properties are usually purchased with the intent to generate income or set up commercial space. Commercial property includes office buildings, industrial property, medical center, retail stores, hotels, hostels, schools, warehouses, etc.
What are the six essential elements for an enforceable real estate contract? In writing, competent parties, mutual assent, legal consideration, lawful object, legal description.
To establish legality, a real estate contract must include a legal purpose, legally competent parties, agreement by offer and acceptance, consideration, and consent.
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.