CONTRACT - AZ ASSOCIATION OF REALTORS

Question 1

IS SPDS REQUIRED IN ARIZONA?

Answer 1

Arizona law requires the seller to disclose material (important) facts about the property, even if you are not asked by the buyer or a real estate agent. These disclosure obligations remain even if you and the buyer agree that no Seller’s Property Disclosure Statement (“SPDS”) will be provided.

Question 2

SELLERS DISCLOSURE

Answer 2

A Seller’s Disclosure is a legal document that requires sellers to provide previously undisclosed details about the property’s condition that prospective buyers may find unfavorable.

Question 3

INSPECTIONS

Answer 3

Hire a qualified:

• General home inspector
• Heating/cooling inspector
• Mold inspector
• Pest inspector
• Pool inspector
• Roof inspector

Question 4

HOMEOWNERS INSURANCE

Answer 4

Confirm your ability to obtain insurance and insurability of the property during the inspection period with your insurance agent.

Question 5

HOME LOAN

Answer 5

Apply for your home loan now, if you have not already done so, and provide your lender with the requested information.

It is your responsibility to make sure that you and your lender follow the timeline requirements in Section 2, and that you and your lender deliver the necessary funds to escrow in sufficient time to allow escrow to close on the agreed upon date. Otherwise, the seller may cancel the contract and you may be liable for damages.

Question 6

TITLE COMMITMENT

Answer 6

Buyer shall have 5 days after receipt of the Title Commitment and after receipt of notice of any subsequent exceptions to provide notice to Seller of any items disapproved.

Question 7

WALKTHROUGH

Answer 7

Conduct a thorough pre-closing walkthrough. If the property is unacceptable speak up. After the closing may be too late.

Question 8

CONTRACT SECTION 1A

Answer 8

1. BUYER NAME
2. SELLER NAME
   3-4. BUYER AGREES TO BUY, SELLER AGREES TO SELL with all improvements, fixtures, appurtenances, plus person property described herein.

Question 9

CONTRACT SECTION 1B

Answer 9

5. PREMISES ADDRESS, ASSESSORS #
6. CITY, COUNTY, ZIP CODE
   7-9 LEGAL DESCRIPTION

Question 10

CONTRACT SECTION 1C

Answer 10

10. FULL PURCHASE PRICE
11. EARNEST MONEY
12. BLANK - DOWN PAYMENT
13. BLANK - LOAN AMOUNT
    14-16 BLANK (OUTLINING PURCHASE PRICE)
14. EARNEST MONEY IS IN THE FORM OF ________
15. EARNEST MONEY DEPOSITED WITH - ESCROW COMPANY OR - BROKERS TRUST ACCOUNT
    19-20. IF ALL CASH SALE - A LETTER OF CREDIT OR SOURCE OF FUNDS IS ATTACHED HERETO.

Question 11

CONTRACT SECTION 1D

Answer 11

21-25. CLOSE OF ESCROW - OCCURS WHEN DEED IS RECORDED AT THE COUNTY RECORDERS OFFICE
Buyer and seller shall comply with all terms and conditions of this contract, execute and deliver to escrow company all closing documents, and perform all other acts in sufficient time to allow COE to occur on ________
If escrow company or recorders office is closed on COE date, COE shall occur on the next day that both are open for business.

26-28. Buyer shall deliver to Escrow Company and instruct lender to deliver all funds in a sufficient amount and in sufficient time to allow COE to occur.

29-30. Buyer acknowledges that failure to pay the required closing funds by scheduled COE, if not cured after a cure notice is delivered, shall be construed as a material breach of this contract and the earnest money shall be subject to forfeiture.

31. All funds are to be in US currency

Question 12

CONTRACT SECTION 1E

Answer 12

32-35. Possession: Seller shall deliver possession, occupancy, existing keys and/or means to operate all locks, mailbox, security system/alarms, and all common area facilities to Buyer at COE or ______________
Broker recommends that parties seek independent counsel from insurance, legal, tax, and accounting professionals regarding the risk of pre-possession or post-possession of the premises.

Question 13

CONTRACT SECTION 1F

Answer 13

Addenda Incorporated:

Additional Clause
Buyer Contingency
Domestic Water Well
HOA
Lead-Based Paint Disclosure
Loan Assumption
On-site Wastewater Treatment Facility
Seller Financing
Short Sale
Solar Lease / Solar Loan Assumption Addendum
Other: \_\_\_\_

Question 14

CONTRACT SECTION 1G

Answer 14

Fixtures and Personal Property: For purpose of this Contract, fixtures shall mean property attached/affixed o the Premises. Seller agrees that all existing fixures on the premises, personal property specified herein, and means to operate fixtures and property shall convey in this sale.

Leased items shall NOT be included in this sale. Seller shall deliver notice of all leased items within 3 days after contract acceptance.