Arizona Purchase Contract and Receipt - Residential
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How to fill out Purchase Contract And Receipt - Residential?
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FAQ
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...
To establish legality, a real estate contract must include a legal purpose, legally competent parties, agreement by offer and acceptance, consideration, and consent.
What are the six essential elements for an enforceable real estate contract? In writing, competent parties, mutual assent, legal consideration, lawful object, legal description.
1. The purchaser may cancel the purchase agreement without a penalty or obligation within seven calendar days after the purchaser signs the purchase agreement. 2. If the purchaser decides to cancel the purchase agreement, the purchaser shall notify the seller in writing of the purchaser's intent to cancel.
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...?
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.
In Arizona, a seller can get out of a real estate contract if the buyer's contingencies are not metthese include financial, appraisal, inspection, insurance, or home sale contingencies agreed to in the contract. If a buyer asks the seller to make repairs, the sellers has 5 days to respond to the repair demands.
Terminating Listing Agreements in Arizona is PossibleTo cancel, the parties can either wait until the expiration date, at which time the seller can switch agents usually without penalty, or they can terminate the agreement early per the provisions in the contract.