A contract is based upon an agreement. An agreement arises when one person, the offeror, makes an offer and the person to whom is made, the offeree, accepts. There must be both an offer and an acceptance. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Arizona Offer to Purchase - Generic
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Multi-State
Control #:
US-01046BG
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Word;
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How to fill out Offer To Purchase - Generic?
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FAQ
As a seller, you can always change your mind after accepting an offer on a house, but unfortunately changing your mind doesn't guarantee you'll be able to back out of the agreement especially if a house purchasing agreement is in place.
What are the six essential elements for an enforceable real estate contract? In writing, competent parties, mutual assent, legal consideration, lawful object, legal description.
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.
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.
According to Phoenix Real Estate Guy, the practice of making simultaneous offers on multiple homes is perfectly legal in Arizona. However, other laws could create some complications. For instance, if a seller accepts your client's offer, he or she is officially in a contract with the seller to buy the home.
Any purchase agreement should include at least the following information:The identity of the buyer and seller.A description of the property being purchased.The purchase price.The terms as to how and when payment is to be made.The terms as to how, when, and where the goods will be delivered to the purchaser.More items...?
To establish legality, a real estate contract must include a legal purpose, legally competent parties, agreement by offer and acceptance, consideration, and consent.
An offer to purchase offer is a legally binding contract; once you sign it, you cannot easily change it. As a prospective buyer, you should make sure your finances are in order and obtain bond pre-approval before making an offer.
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...
Can you back out of an accepted offer? The short answer: yes. When you sign a purchase agreement for real estate, you're legally bound to the contract terms, and you'll give the seller an upfront deposit called earnest money.
