Residential sales contracts generally contain promises and provisions that guarantee the condition of a property. Many states legally require sellers to deivate explicit information about the condition of a property. In states where this is necessary and where a seller deliberately conceals such information, they may be prosecuted for fraud. Latest notification regarding the payment period due under the contract for the facts “This is the same information as the notification on late payments due, but offers a more severe warning to the buyer than if the payment terms are not met by the specified time, the seller will use the measures available against the seller to correct the default or terminate the contract and obtain damages. A contract to purchase and sell residential real estate in Arizona is a legal document that defines the terms of interest of a buyer in purchasing a property to a person wishing to sell that property. The seller and buyer (or their lawyers) negotiate the terms of the agreement, including the purchase price, closing date, real estate condition, etc. As a general rule, the buyer is asked to make a deposit or “serious money” to ensure that the seller is serious about the transaction. Once inspections have been completed, financing (if any) has been completed and all other contingencies are completed, the parties can sign the purchase and sale agreement to complete the deal. The Arizona Residential Real Estate Purchase Contract (“Home Purchase and Sale Contract”) is a legally binding contract between the buyer and seller for the purchase of a residential property. The agreement indicates the amount to be paid to the Seller, the buyer`s financing information and the completion date of the transaction. Notice of delay – Payments made under contract for the deed “This is a notice of delay that the Seller makes available to the Buyer when the circumstances of the delay relate to payments due towards the purchase price of the contract. Sworn insurance statement for land in non-communal areas.
Sellers of land on land that is not imaginable are required to provide the purchaser with an affidavit of disclosure at least seven days prior to the transfer of the property and the purchaser must confirm receipt of the insurance under oath. (Ariz. Rev. Stat No. 33-422) Pool (B 36-1681 (E)) – If a residential property contains a swimming pool, the seller is required to include in the contents of the purchase agreement a disclosure describing the obligations related to the ownership of a pool, as well as educational information in accordance with department of Health Services standards. U.S. Legal Forms™, Inc. offers professional forms for Arizona deeds, including contracts, contract assignments and other related forms. Free previews are available before purchase. Download your Arizona action form in Word format. Unincorporated Areas – People who sell 5 parcels or less in a “non-communal territory” must submit an affidavit to the buyer within at least seven (7) days prior to the exchange.
Buyer`s Exercise Request “If a buyer wishes to establish a tally by the Seller at any time during the term of the contract, this form is used for this application. In order to continue to use this form appropriately, buyers are not advised to use this form more than once a year. General notice of the delay of the contract for termination “This is a general standard communication that can be used by the Seller to inform the buyer of late payments. This form allows the seller to provide the buyer with the reason why the contract is late for the deed, the benefit needed to remedy the failure, and the seller`s repair project in case the buyer does not heal. In areas with open land nearby, check the zoning maps of the city or county to see if nearby land is provided for housing, industrial or commercial use.