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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.
All sale agreements have to be documented and registered to have a legal validity. Passing its order the Balram Singh versus Kelo Devi case on September 23, 2022, the Supreme Court has ruled that an unregistered agreement to sell is not admissible as evidence in a permanent injunction suit.
Real estate attorneys are not considered essential for closing in the state of Arizona. But hiring an attorney when selling by owner is almost always advisable in order to avoid an abundance of legal risk.
The purpose of a sales agreement is to act as a legally binding contract between two parties involved in an exchange of money for goods, services, and/or property.
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.
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As discussed above, a purchase agreement should contain buyer and seller information, a legal description of the property, closing dates, earnest money deposit amounts, contingencies and other important information for the sale.
Definition: An agreement of sale constitutes the terms and conditions of sale of a property by the seller to the buyer. These terms and conditions include the amount at which it is to be sold and the future date of full payment.
Put simply, a purchase agreement is a contract. This means that once it is signed, the language is fixed and is legally binding for buyer and seller. At its most basic, a purchase agreement should include the following: Name and contact information for buyer and seller. The address of the property being sold.
How to write a real estate purchase agreement. Identify the address of the property being purchased, including all required legal descriptions. Identify the names and addresses of both the buyer and the seller. Detail the price of the property and the terms of the purchase. Set the closing date and closing costs.
Although you arent required to use a residential real estate attorney when buying, selling, or building a home, the law surrounding the process is complicated and it is often wise to at least consult with a lawyer to make sure youre informed about potential issues and roadblocks.

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