In the event Buyer fails to obtain Seller's approval, this Agreement shall be terminated with the Buyer's Earnest Money being returned within five (5) business. Read the purchase contract carefully.Note where the builder or developer is placing earnest money (ie. In this article, we will talk about the Arizona real estate purchase agreement and mandatory disclosures that sellers must make prior to the sale. 1. Enter buyer's and seller's names. Here's what essential paperwork needs handling to smoothly conclude purchases or sales in the state. An Arizona residential purchase agreement is a legal document outlining the terms and conditions for a buyer's purchase of residential property from a seller.