Leasing of real estate Forms for Phoenix
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FAQ
An Arizona residential real estate purchase and sale agreement is a legal document wiht terms and conditions for a buyer's purchase of property from a seller. The seller and buyer (or their attorneys) will negotiate terms of the agreement including purchase price, closing date, property condition, and so on.
The Arizona Association of Realtors (AAR) has prepared a Pre-Qualification Form and Loan Status Update form for its member real estate brokers and their agents to use in conjunction with its standard real estate purchase contract.
The new form provides more information than provided on the current Loan Status Report. The form sets forth the loan amount for which the buyer can prequalify, assuming a maximum monthly housing payment.
AAR drafts real estate forms and allows its members to use those forms. One of those forms is the AAR Residential Lease Agreement (referred to as the AAR Lease). This is a good form, BUT it was created by a committee that drafted the form to be FAIR to both the landlord and the tenant.
Generally, Arizona courts have strictly construed options in lease agreements because such provisions allow the optionee freedom to exercise or not exercise the option, whereas the optionor is bound by the option.
Purpose: This Pre-Qualification Form is to be used in conjunction with an AAR Residential Resale Real Estate Purchase Contract or Vacant Land/Lot Purchase Contract (Contract). Lender indicated on lines 36 and 37 has consulted with. (Buyer) and submits the following: , assuming a monthly principal.