In Arizona, sellers must enter into a real estate purchase agreement and the following declarations for it to be considered legally binding: the prequalification form is drawn up by your lender and a copy must be sent to your real estate agent. When submitting your offer to purchase, your real estate agent will add a copy of your pre-qualification form. The inclusion of the pre-qualification form in your offer greatly strengthens your offer without costing you a penny. Understanding the sales contract in Arizona can be a real challenge. If you`re thinking about buying a home in Arizona here, there are things you need to know to understand the Arizona sales contract. The nine-page contract contains a pre-printed linguistic portion designed by the Arizona Association of REALTORS. The contract is divided into nine sections. Before signing the Arizona Residential Resale Real Estate Purchase Contract, you should receive a notice of purchase from Arizona from your buyer`s agent. The buyer`s advisory body will help you understand the sales contract and provide you with useful resources at your disposal during the due diligence process once your offer is accepted. Condo Disclosure (No.
33-1260) – Apply to real estate sold in a landlord association or condo/municipality. Advertising Pool (No. 36-1681) – The sale of a property with a pool requires the seller to make this service available to the buyer for health services. Material Facts (151 Ariz. 81, 725 P.2d 1115 (Ct. App. 1986)) – According to the legal procedure “Hill v. Jones,” all known essential facts about the property must be disclosed prior to the performance of the contract. The Arizona Association of Realtors offers a Seller`s Property Disclosure Statement (SPDS) that is linked to the disclosure title above. Comprehensive Loss Underwriting Exchange (CLUE). Arizona`s standard real estate contract requires the seller to provide the buyer with a copy of a report showing a five-year history of insurance claims filed on the property. This is called the Comprehensive Loss Underwriting Exchange (CLUE) report.
If you and the seller finally reach an agreement, your real estate agent will pass on your serious money cheque to the trust company at the same time as the contract signed by the buyer and seller. This is called the “opening of the trust bird.” The trust company will immediately deposit your serious money check so that you are sure you have enough money in this bank account to cover the cheque.