The offer outlines the terms of a contract with a statement of what you and the other party agree to. This article will address some of the primary legal requirements of a real estate contract and some of the most common questions about contracts.When a buyer and seller enter into a purchase contract, each person is agreeing to the conditional exchange of property and funds. A contract is formed when there is: 1. The Arizona Department of Real Estate said everything on the document should be negotiable before you sign it. Question: Are purchase money mortgages limited to no recourse notes? Answer: Purchase money mortgages are completely different from non recourse notes. An Arizona breach of contract generally occurs when one party violates a provision of a contract. In the mortgage file to the servicer). Closing. â–« Contracts for deed (A.