The Arizona real estate purchase contract for 2020 is an essential document that outlines the terms and conditions of a property sale. It is a legally binding agreement between the buyer and seller, and it contains all the information required to ensure a smooth and successful transaction.
If you`re in the market for property in Arizona, it`s essential to become familiar with what`s included in the purchase contract. This article will go over the basics of the Arizona real estate purchase contract for 2020, so you know what to expect.
The basic structure of the Arizona real estate purchase contract includes several key sections:
1. Parties Involved: The first section of the contract identifies the buyer and seller by name and includes their contact information.
2. Property Description: This section describing the property being sold includes the address, legal description, and taxpayer identification number.
3. Purchase Price: This section outlines the total amount of money that the buyer agrees to pay for the property.
4. Escrow Deposit: This section specifies the amount of money that the buyer is required to deposit into the escrow account within a specific amount of time.
5. Financing: If the buyer intends to obtain financing to purchase the property, this section outlines the terms of the loan, including the interest rate and payment schedule.
6. Contingencies: This section contains any contingencies or conditions that must be met before the sale can be completed, such as the buyer obtaining financing or a satisfactory home inspection.
7. Closing Date: This section specifies the date by which the transaction must be completed.
8. Closing Costs: This section outlines the costs associated with the sale, such as title insurance, property taxes, and recording fees.
The Arizona real estate purchase contract for 2020 includes additional provisions to protect both buyers and sellers. For example, the contract includes language to protect buyers from any undisclosed defects or issues with the property. Additionally, it specifies that the seller must provide clear title to the property at the time of closing.
Furthermore, the contract includes provisions related to the property`s condition at the time of sale. The buyer has the right to inspect the property and must notify the seller of any issues they discover. The seller is then required to either rectify the problem or provide the buyer with a credit to cover the cost of repairs.
Finally, the Arizona real estate purchase contract for 2020 includes provisions related to dispute resolution. In the event of a dispute, the contract requires the parties to attempt to resolve the issue through mediation before going to court.
In summary, the Arizona real estate purchase contract for 2020 is an essential document that outlines the terms and conditions of a property sale. It is designed to protect both buyers and sellers and ensure a smooth and successful transaction. As a potential buyer or seller, it`s essential to become familiar with the contract`s structure and provisions to ensure that you fully understand the terms of the agreement.
