Swimming pool (§ 36-1681 (E)) – If a residential property contains a swimming pool, the seller is required to include in the content of the purchase agreement a disclosure describing the obligations associated with the possession of a swimming pool, as well as educational information in accordance with the standards of the Ministry of Health. This document must only be completed and made available to a buyer if the buyer transfers properties defined as condominiums in § 33-1202 (10) or located in a planned community in accordance with § 33-1802 (4). The addendum discloses relevant information about condominiums or planned communities to the purchaser and must be provided prior to entering into a purchase agreement. Non-Legal Areas (§ 33-422) – Persons who sell 5 or fewer parcels of land contained in an “unincorporated area” must provide the buyer with an affidavit at least seven (7) days prior to the exchange of ownership. In Arizona, sellers must enter into a real estate purchase agreement and the following disclosures for it to be considered legally binding: Residential real estate purchase agreements typically contain promises and provisions that guarantee the condition of a property. Many states require sellers to disclose explicit information about the condition of a property. In states where this is necessary and where a seller intentionally hides such information, he can be prosecuted for fraud. The Arizona Purchase Agreement is made during the perpetual exchange of ownership relating to a property for monetary value that occurs between the owner and the person buying the home. Specific information and disclosures must be recorded in the instrument to ensure that the document is valid. This information includes the identification of the buyer and seller, the details of the property purchased, and the type of financing used in the transaction.
As a rule, the buyer must present funds for a serious cash deposit, which essentially serves as confirmation of the contract. The Arizona Residential Real Estate Purchase Agreement (“Residential Purchase and Sale Agreement”) is a legally binding contract between a buyer and seller for the purchase of a residential property. The agreement sets out the amount to be paid to the seller, the buyer`s financing information and the closing date of the transaction. Both parties must agree on the price before signing the purchase contract. In addition, conditions such as real money, trust, down payment, financing, guarantees and contingencies, as well as the closing date, are set out in the contract. It is the buyer`s duty to carry out inspections on the property and if he detects problems, he may have the right to terminate the contract. A contract for the purchase and sale of residential real estate in Arizona is a legal document that sets out the terms regarding a buyer`s interest in buying land from a person who wishes to sell that property. The seller and buyer (or their lawyers) negotiate the terms of the agreement, including the purchase price, closing date, condition of the property, etc. Typically, the buyer should make a deposit or “serious money” to ensure that the seller is serious about the transaction. Once inspections have been completed, financing is in place (if applicable) and all other contingencies have been met, the parties may sign the purchase and sale agreement to complete the transaction.
The Arizona Residential Real Estate Purchase and Sale Agreement is a written agreement that sets out the terms that buyers and sellers of a real estate transaction must comply with. Typically, a real estate agent works with the buyer to finalize the agreement and determine a purchase price to include in the contract. HOA Condominium / Planned Community Addendum – June 2020 Disclosure Statement for land located in unincorporated areas. Sellers of properties on land without legal capacity are required to provide the buyer with a written affidavit of disclosure at least seven days prior to the transfer of ownership, and the buyer must confirm receipt of the affidavit. (Ariz. Rev. Stat § 33-422) Solar Lease / Solar Loan Assumption Addendum – October 2017 All sellers who transfer ownership built before 1978 must disclose to the buyer the possibility of exposure to lead-containing paint on the site. Lead-based paint (42 U.S.
Code § 4852d) – This is a mandatory disclosure that must be presented to all potential buyers of residential properties built before 1978. Disclosure of Unincorporated Areas (§ 33-422) – A special disclosure form that applies to sellers of real estate (five parcels or less) on land without legal capacity. * Declaration of Disclosure of Ownership (Hill v. Jones, 725 P.2d 1115) – The seller must disclose what he knows about the condition of the property and known issues. While this is not the only disclosure form accepted by the state, it is the most commonly used. (Adobe PDF, MS Word (.docx) or ODT) Disclosure and Choice of Real Estate Agencies – February 2009 Residential Resale Real Estate Purchase Agreement (CPP) – February 2020 Depending on the circumstances, a seller may also be required to comply with the following legal disclosure requirements: Residential Income Property Addendum to the Residential Resale Real Estate Purchase Agreement (1-4 units) – Important Facts of August 2007 (151 Ariz. 81, 725 P.2d 1115 (Ct. App. 1986)) – Pursuant to Hill v. Jones, all known material facts relating to the property must be disclosed prior to the performance of the contract.
The Arizona Association of Realtors offers an example of a Seller`s Ownership Disclosure Statement (SPDS) related to the above disclosure title. . Seller Financing Addendum with Attachment to Seller – February 2014 Full Loss Subscription Exchange (C.L.U.E.)) – The seller must provide the buyer with a report with a list of all claims on the property. Federal and state laws govern how personal data is handled by the insurance industry, and sellers should avoid violating these regulations. A seller can access his C.L.U.E. via LexisNexis. They can also waive their rights through a waiver form. Soil remediation (§ 33-434.01 & § 49-701.02) – With regard to dirt contamination, sellers must inform the buyer in writing if the soil contained within the property boundaries does not meet the standards for soil remediation for residential purposes.
(An example of this would be the removal of excavated soils on the property.) When real property is sold in an unincorporated area (i.e., Not from a local municipal body such as a city, county, city, etc.), the seller must provide the buyer with this affidavit and disclosure form at least seven (7) days prior to the transfer. This document is intended to inform the buyer of certain aspects of the property, including access to property, water supply, zoning and proximity to military airfields. Condo Disclosure (§ 33-1260) – Applicable to a property sold within an owner`s association or planned condominium/community. Arizona Association of Realtors – Adobe PDF (sample form) In areas where land without a zone is nearby, consult city or county zoning plans to determine if the neighboring property is zoned into zones for residential, industrial, or commercial purposes. Land divided into commercial use areas can be used to build everything from a shopping mall to a hotel. To get this information, call the planning and zoning department of the city or county where the property is listed. .