.svg){kind=icon}
If you are selling a residential property in Arizona, you have come to the right place.
A residential real estate purchase agreement, also known as a "residential purchase and sale agreement," is a document that binds the buyer and the seller of a property in a legal contract.
The agreement details the purchase price to be paid to the seller, the buyer's finance details, and the closing date for the sale. Buyers typically pay "earnest money" to a seller. Earnest money is essentially a deposit that shows that they are serious about the sale.
In this article, we will talk about the Arizona real estate purchase agreement and mandatory disclosures that sellers must make prior to the sale.
Disclosures
Residential property sale agreements frequently include assurances and clauses regarding the condition of the property. Sellers who knowingly conceal such information in states where it is mandatory may be held liable for fraud.
To be deemed legally enforceable in Arizona, sellers must file a real estate purchase contract and make the necessary disclosures. Let's take a look at the disclosures that apply in the state of Arizona.
Condominiums or Planned Communities
The owner of a residence is responsible for providing a potential buyer with a written notice detailing the building's protocols and any necessary contact details for projects with fewer than fifty (50) units.
Should the project contain 50 or more units, the homeowner's association must provide the appropriate information. Sellers should contact the homeowner's association and ensure that the buyer receives this within 10 days of receiving written notification of a pending sale.
Material Information
Sellers in Arizona are required to disclose material information relating to the property must always be disclosed before the contract can be executed, according to the law.
Lead-based Paint Disclosure
Suppose the property was built prior to 1978. In that case, the seller will need to inform the buyer about the possibility of lead-based paint on the property before transferring ownership.
Military Airport
All property sold within a reasonable distance of a military air station shall contain a statement indicating such proximity.
Soil Remediation
In relation to soil remediation, sellers are required to notify the buyer in writing if the soil within the property's boundaries does not meet the requirements for domestic use under soil remediation standards.
Unincorporated Areas
A minimum of seven days before the property transfer, those selling five or fewer land parcels that are located in an "unincorporated area" must give the buyer an affidavit of disclosure.
Arizona Department of Health Services Notice Pertaining to the Swimming Pool
If the property has a swimming pool, the seller must include in the purchase contract a disclosure that details the responsibilities of pool ownership and includes instructional material that complies with the Arizona Department of Health Services guidelines.
Comprehensive Loss Underwriting Exchange
A report listing all claims made against the property must be sent to the purchaser by the seller. Sellers must abide by state and federal laws that govern how personal data is handled by the insurance sector.
Keep in mind that in addition to these mandatory disclosures, a buyer inquiry might warrant additional disclosures.
Final Thoughts
If you need help managing your rental business, why not try DoorLoop? With an innovative platform and a host of features, you'll have everything you need to be successful. Try it out for free today!
More resources:
FAQs
How do I write an Arizona real estate purchase agreement?
You can simply download our free forms to find a purchase agreement template or use our software to create a custom contract.
Is there a way to get out of a sale agreement?
In Arizona, the buyer has 10 days following the final execution of the sales agreement to withdraw from the transaction due to an objection or to accept it in exchange for the seller making a particular repair.
Can sellers in Arizona get out of real estate contracts?
If the buyer's conditions are not satisfied, a seller in Arizona has the right to terminate a sale agreement.
Is it mandatory to disclose the property's condition prior to the sale of real estate in Arizona?
Yes. Sellers in the state are required by law to disclose the property's condition, as well as any defects that could affect its value.
Free Downloads
