This form is a Release of a Purchase Contract for Real Estate. The form must include the name of the seller, the name of the purchaser, and a legal descripton of the property.
Phoenix Arizona Release of Purchase Contract - Residential
Category:
State:
Multi-State
City:
Phoenix
Control #:
US-01732-AZ
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Release Of Purchase Contract - Residential?
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FAQ
It is a misconception that Arizona has a three-day grace period, also known as a cooling-off period, for motor vehicle sales, during which a purchaser can decide not to buy the vehicle and the sales contract is made void. This is incorrect. There is NO cooling-off period for motor vehicle purchases in Arizona.
A standard Arizona purchase contract allows for a buyer to rescind an offer to purchase a home if, during the inspection period, the buyer discovers damages to the property. The damages could be something as simple as leaky faucets or as serious as structural issues with the foundation.
If you want out of a real estate contract and don't have any contingencies available, you can breach the contract. However, once you do so, you are likely to lose your deposit along with the money you spent on an appraisal, a home inspection and a title survey.
If you decide to ?leave it? within your 5 day period, you can cancel the contract and receive back your full earnest money deposit. If you decide to ?take it,? the seller is obligated to make the agreed upon repairs by at least 3 days before close of escrow.
However, in the end, real property law states only three surefire ways to terminate a listing agreement: death, insanity or bankruptcy of the broker or seller.
Three-Day Right To Cancel Purchases Arizona Attorney General.