This form is an Agreement for the Sale of Real Property. The form contains sections which request the following information: the name of the grantor, the name of the grantee, the name of the escrow agent, and a legal description of the real property. Arizona Agreement for Sale — Residential is a legally binding document that outlines the details of a property purchase transaction between a seller and a buyer in the state of Arizona. This agreement serves as a comprehensive contract, ensuring that both parties are protected and aware of their respective rights and obligations during the sale process. It covers various aspects related to the residential property being sold, including its purchase price, payment terms, property condition, and closing date. One type of Arizona Agreement for Sale — Residential is the "Standard Residential Purchase Agreement" developed by the Arizona Association of Realtors (AAR). This widely used agreement includes standard provisions and clauses that are commonly employed in real estate transactions across Arizona. It provides a balanced framework for both buyers and sellers, addressing critical aspects such as financing, appraisal, inspection, and title clearance. Another type of Arizona Agreement for Sale — Residential is the "For Sale by Owner (FBO) Agreement." This agreement is specifically designed for transactions where the property owner opts to sell their residential property without the assistance of a real estate agent or broker. It contains provisions tailored to meet the unique requirements of FBO transactions, including the buyer's acknowledgment of their responsibility for conducting due diligence and ensuring a smooth sale process. Key elements typically covered in an Arizona Agreement for Sale — Residential include: 1. Property Description: The agreement starts by providing a detailed description of the residential property being sold, including its address, legal description, and any additional features or amenities. 2. Purchase Price and Payment Terms: This section outlines the agreed-upon purchase price for the property, the down payment amount, and the payment schedule. It may also include provisions related to earnest money deposits and the allocation of closing costs. 3. Financing and Contingencies: The agreement specifies the buyer's intended financing method, such as cash or mortgage, and allows for contingencies related to loan approval, appraisal, and inspection. 4. Property Condition: This section details the property's current condition, including any known defects, and sets out the responsibilities of both parties regarding repairs and maintenance. 5. Closing and Possession: The agreement establishes the closing date, at which point the property ownership will be transferred to the buyer. It clarifies the process for the buyer's possession of the property and any associated proration of expenses. 6. Disclosures and Inspections: Both parties are required to complete necessary disclosures, including lead-based paint disclosure (if applicable), HOA information, and any known material defects. The agreement also allows the buyer to conduct inspections to evaluate the property's condition. 7. Default and Dispute Resolution: In case of default, the agreement outlines the remedies available to either party. It also includes provisions for dispute resolution, such as mediation or arbitration, to avoid costly and time-consuming litigation. It is important for both buyers and sellers to carefully review and understand the terms of the Arizona Agreement for Sale — Residential before signing it. Seeking legal advice or assistance from a real estate professional is highly recommended ensuring compliance with applicable Arizona laws and to protect one's interests throughout the transaction.
Arizona Agreement for Sale — Residential is a legally binding document that outlines the details of a property purchase transaction between a seller and a buyer in the state of Arizona. This agreement serves as a comprehensive contract, ensuring that both parties are protected and aware of their respective rights and obligations during the sale process. It covers various aspects related to the residential property being sold, including its purchase price, payment terms, property condition, and closing date. One type of Arizona Agreement for Sale — Residential is the "Standard Residential Purchase Agreement" developed by the Arizona Association of Realtors (AAR). This widely used agreement includes standard provisions and clauses that are commonly employed in real estate transactions across Arizona. It provides a balanced framework for both buyers and sellers, addressing critical aspects such as financing, appraisal, inspection, and title clearance. Another type of Arizona Agreement for Sale — Residential is the "For Sale by Owner (FBO) Agreement." This agreement is specifically designed for transactions where the property owner opts to sell their residential property without the assistance of a real estate agent or broker. It contains provisions tailored to meet the unique requirements of FBO transactions, including the buyer's acknowledgment of their responsibility for conducting due diligence and ensuring a smooth sale process. Key elements typically covered in an Arizona Agreement for Sale — Residential include: 1. Property Description: The agreement starts by providing a detailed description of the residential property being sold, including its address, legal description, and any additional features or amenities. 2. Purchase Price and Payment Terms: This section outlines the agreed-upon purchase price for the property, the down payment amount, and the payment schedule. It may also include provisions related to earnest money deposits and the allocation of closing costs. 3. Financing and Contingencies: The agreement specifies the buyer's intended financing method, such as cash or mortgage, and allows for contingencies related to loan approval, appraisal, and inspection. 4. Property Condition: This section details the property's current condition, including any known defects, and sets out the responsibilities of both parties regarding repairs and maintenance. 5. Closing and Possession: The agreement establishes the closing date, at which point the property ownership will be transferred to the buyer. It clarifies the process for the buyer's possession of the property and any associated proration of expenses. 6. Disclosures and Inspections: Both parties are required to complete necessary disclosures, including lead-based paint disclosure (if applicable), HOA information, and any known material defects. The agreement also allows the buyer to conduct inspections to evaluate the property's condition. 7. Default and Dispute Resolution: In case of default, the agreement outlines the remedies available to either party. It also includes provisions for dispute resolution, such as mediation or arbitration, to avoid costly and time-consuming litigation. It is important for both buyers and sellers to carefully review and understand the terms of the Arizona Agreement for Sale — Residential before signing it. Seeking legal advice or assistance from a real estate professional is highly recommended ensuring compliance with applicable Arizona laws and to protect one's interests throughout the transaction.
