Purchase Contract; Receipt - Residential: This contract contains the details and duties of each party, both Buyer and Seller, when purchasing residential property. Both the Buyer and Seller must sign this document in front of a Notary Public, stating that both understand his/her duties, with respect to the purchase of the residential property. This form is available in both Word and Rich Text formats.
Phoenix Arizona Purchase Contract and Receipt - Residential
Category:
State:
Arizona
City:
Phoenix
Control #:
AZ-SALES-3
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Arizona Purchase Contract And Receipt - Residential?
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FAQ
In most Arizona real estate purchase contracts, the buyer will require the seller to deposit earnest money ? typically with the escrow company ? to demonstrate good faith. The deposit amount can be a percentage of the home sale price or an amount dictated by the seller.
A purchase agreement is a legal document that is signed by both the buyer and the seller. Once it is signed by both parties, it is a legally binding contract. The seller can only accept the offer by signing the document, not by just providing the goods.
A land contract is an agreement for sale in Arizona that is legally recognized as one path to a warranty or quitclaim deed and real estate ownership.
The AAR Contract is used in at least 95% of resale home sales in Arizona. The Arizona Association of REALTORS® is a trade association of Realtors who represent both buyers and sellers in the purchase of homes.
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, a seller can get out of a real estate contract if the buyer's contingencies are not met?these 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.
An Arizona residential real estate purchase and sale agreement is a legal document with terms and conditions for a buyer's purchase of property from a seller. The seller and buyer (or their attorneys) will negotiate the terms of the agreement including purchase price, closing date, property condition, and so on.
The contract for deed is a much faster and less costly transaction to execute than a traditional, purchase-money mortgage. In a typical contract for deed, there are no origination fees, formal applications, or high closing and settlement costs.
If you fall behind on payments, the contract can be terminated and you will lose whatever equity was previously built. Furthermore, if the seller has a mortgage and defaults on their payments, you may lose the property even though your own payments to the seller are current.
Quitclaim Deed in Arizona Quitclaim deeds are not often used when the sale of the property is involved for obvious reasons. Quitclaim deeds are much more common when there is a transfer of property from one family member to another or after a divorce.
