Edit Legal Arizona Option To Purchase Forms For Free

Arizona First-Time Homebuyer Programs Borrowers must meet income and credit score requirements (minimum score of 640) and complete a homebuyer education course to qualify. The home must also fall within specified purchase price limits and be the borrower's primary residence.

What are the six essential elements for an enforceable real estate contract? In writing, competent parties, mutual assent, legal consideration, lawful object, legal description.

A purchase agreement is a legal document that is signed by both the buyer and the seller. Once it is signed by both parties, it is a legally binding contract. The seller can only accept the offer by signing the document, not by just providing the goods.

At its most basic, a purchase agreement should include the following: Name and contact information for buyer and seller. The address of the property being sold. The price to be paid for the property. The date of transfer. Disclosures. Contingencies. Signatures.

The purchaser or lessee has the legal right to rescind (cancel) this agreement without cause or reason of any kind by sending or delivering a written notice of rescission to the seller or lessor by midnight of the seventh calendar day following the day the purchaser or lessee executed the agreement.

Both parties have to agree on the price before the purchase agreement is signed. Furthermore, terms such as earnest money, escrow company, down payment, financing, warranties and contingencies, and the closing date will be outlined in the contract.