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Required Elements of a Real Estate Contract To establish legality, a real estate contract must include a legal purpose, legally competent parties, agreement by offer and acceptance, consideration, and consent.
Among the terms typically included in the agreement are the purchase price, the closing date, the amount of earnest money that the buyer must submit as a deposit, and the list of items that are and are not included in the sale.
Colorado courts have concluded that sellers are in a superior position to know the condition of a house and therefore have a duty to disclose defects in the house, which is typically accomplished through a sellers property disclosure form.
In Arizona, home sellers have to disclose to buyers the termite history of the property. However, this means that the seller has to know that they have termites.
Property sellers are usually required to disclose negative information about a property. It is usually wise to always disclose issues with your home, whether you are legally bound to or not. The seller must follow local, state, and federal laws regarding disclosures when selling their home.
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The purchase agreement outlines the buyers offer price, along with contingencies, financing terms, closing costs, possession date, and more. You must meticulously review the purchase agreement before you sign and turn the document into a legally binding sales contract.
Sellers should never discuss things like price, why they are selling, problems with the home, other offers, or closing with buyers. Anything said to a buyers agent should be considered said to the buyer and may be used during negotiations.
A seller in Arizona is required by law to disclose material information about the property that the seller actually and personally knows of.
It is now basic Arizona law that a seller has an affirmative duty to disclose material facts concerning property or where, among other things, disclosure would correct a mistake of the other party as to a basic assumption on which that party is making 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.

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