Those who own any real property in the United States or worldwide may consider selling it to another person or entity. Also, people who plan to move somewhere for good sometimes prefer buying an apartment or a house instead of renting a place. In such cases, you have to accompany the deal with certain legal documents. If the sale takes place in Arizona, one of the main forms the parties should prepare is the Arizona real estate purchase agreement.
In this review, we will outline the basics of such agreements and provide you with the local laws applied and norms that regulate real property selling deals in Arizona. We will explain everything you need to know for a successful sale or purchase here and explain how your contract basically should look like. Although there are many similar sections and details in commercial and residential estate contracts, there are crucial peculiarities and differences.
There is also a list of disclosures that the seller should give to the buyer. They are state-specific, and we will add the list applicable for Arizona at the article’s end. It is impossible to sign the Arizona real estate purchase agreement and complete the deal without these disclosures.
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Generally, what is the real estate purchase contract about? It is about one party transferring their real property piece to another party for a specific sum on certain conditions. Parties can be either entities or individuals. We will start with residential contracts and then proceed to agreements signed when the commercial estate is transferred from one party to another in Arizona.
When you pass your real estate piece to a buyer or obtain it from a seller in Arizona (or any other American state), always keep in mind that you cannot avoid creating and signing a printable real estate sales contract. You cannot randomly download the first sample you see on the internet. It is essential to edit it and sign the version that fits both deal sides and the deal itself.
In every purchase agreement, you have to include particular items to identify the deal and the parties. Remember that indicating the following is compulsory:
It is unreasonable to sign contracts tied to real estate sales without the details listed above. It is also vital to check if the selling party truly owns the offered estate.
Regarding the applicable laws in Arizona, they mainly relate to the disclosures provided by the property seller. In general, the real estate topic is covered in Title 33 of the Arizona Revised Statutes; some relevant provisions can be found in titles 32 and 36. We will include the exact law sections and articles about disclosures for both types of contracts later.
The official Arizona Association of Realtors offers its version of the contract that can be adapted for various needs. You can find it on the organization’s site.
Lastly, all the relations in the real estate sphere in Arizona are regulated by the local Department of Real Estate. This authority also has the most current information about licensed real property brokers and dealers and may provide consultations upon request. You can check the department’s contact info on its official webpage.
The structure of a commercial real property agreement is more or less the same as the residential contract. You will have to identify both deal parties, add the date of signing, indicate the property type, and list all the needed conditions upon which the parties will act.
It is also crucial to state the final price, payment terms, and whether there was earnest money or not. Do not forget to add the property ID number and complete address.
Because we are talking about commercial estate now, it is worth mentioning the term “inspection period.” When people or entities buy a commercial property piece, they usually have a specific goal and plan to use the property in a particular way. So, the buyer has an inspection period to check whether the selected estate fits their aims and needs. Such a period should be specified in the commercial estate purchase contract.
Finally, the agreement will be considered unenforceable until both parties (together with their agents or official representatives who participate in the deal) place their signatures on the form’s last page and date the document.
Like residential real property agreements, the Arizona Association of Realtors suggests the contract for commercial real property deals. You can check it in on the association’s site and use it to prepare your own document.
Disclosures are needed to reveal particular information about the sold property so that the buyer has a complete picture of the property’s state. As you already know, providing various disclosures in Arizona is obligatory by law. Keep reading to see what disclosures are needed for both commercial and residential real property deals.
Anytime a seller signs a contract to transfer their estate in Arizona, they should prepare the following disclosures:
In some cases, sellers also must provide the Military Airport Disclosure, depending upon the property’s location and destination to such airports (Section 28-8484 of the Statutes).
For commercial estate deals in Arizona, there is no long list of disclosures. Parties should provide just one, called “Real Estate Agency Disclosure and Election,” if needed. By this form, both parties agree on being represented by specific agents and define where and how the agent will represent them during the deal.
