This form is a Contract for the sale of real estate for use in Arizona. It can be used for a cash sale, assumption or new loan buyer. The contract contains provisions common to a real estate transaction. No broker involved.
The Phoenix Arizona Contract for Sale and Purchase of Real Estate with No Broker for Residential Home Sale Agreement is a legally binding document that outlines the terms and conditions between the buyer and seller for the sale and purchase of a residential property in Phoenix, Arizona without the involvement of a real estate broker or agent. This agreement is designed to protect the interests of both parties and ensure a smooth and fair transaction. The contract includes various sections that cover important aspects of the sale, including the identification of the buyer and seller, description of the property, purchase price, earnest money deposit, financing details (if applicable), closing date, title commitment and insurance, inspections, default and remedies, and other miscellaneous provisions. Key provisions in the contract include: 1. Buyer and Seller Information: This section captures the full legal names and contact information of the buyer(s) and seller(s), as well as any additional parties involved in the transaction. 2. Property Description: This section provides a detailed description of the property being sold, including the address, legal description, and any additional information necessary to accurately identify the property. 3. Purchase Price: This clause outlines the agreed-upon purchase price for the property and any earnest money deposit that the buyer will provide as a gesture of good faith. It may also include any adjustments or allowances agreed upon by both parties. 4. Financing: If the buyer is financing the purchase, this section will include details about the type of financing (such as conventional loan, VA loan, or FHA loan) and any conditions or contingencies related to the mortgage approval process. 5. Closing and Title: This section discusses the closing date and location, as well as the condition and transfer of the property's title. It may also address title insurance, including who will pay for it and any related obligations. 6. Inspections and Due Diligence: This clause outlines the buyer's right to inspect the property and perform any necessary due diligence, including inspections for pests, lead-based paint, radon, or other environmental hazards. It establishes the deadlines for completing inspections and allows the buyer to request repairs or negotiate the purchase price based on the results. 7. Default and Remedies: This section defines the consequences and remedies if either party fails to fulfill their obligations under the agreement. It may include provisions for earnest money forfeiture, specific performance, or monetary damages. 8. Miscellaneous Provisions: These can vary depending on the specific agreement, but may include provisions related to mediation or arbitration in the event of a dispute, governing law, attorney's fees, and the disclosure of agency relationships. Different types of Phoenix Arizona Contracts for Sale and Purchase of Real Estate with No Broker for Residential Home Sale Agreement may exist based on specific variations or additional provisions required by the parties involved or specific property types, such as commercial property or vacant land. However, the core provisions mentioned above generally form the basis of these agreements.The Phoenix Arizona Contract for Sale and Purchase of Real Estate with No Broker for Residential Home Sale Agreement is a legally binding document that outlines the terms and conditions between the buyer and seller for the sale and purchase of a residential property in Phoenix, Arizona without the involvement of a real estate broker or agent. This agreement is designed to protect the interests of both parties and ensure a smooth and fair transaction. The contract includes various sections that cover important aspects of the sale, including the identification of the buyer and seller, description of the property, purchase price, earnest money deposit, financing details (if applicable), closing date, title commitment and insurance, inspections, default and remedies, and other miscellaneous provisions. Key provisions in the contract include: 1. Buyer and Seller Information: This section captures the full legal names and contact information of the buyer(s) and seller(s), as well as any additional parties involved in the transaction. 2. Property Description: This section provides a detailed description of the property being sold, including the address, legal description, and any additional information necessary to accurately identify the property. 3. Purchase Price: This clause outlines the agreed-upon purchase price for the property and any earnest money deposit that the buyer will provide as a gesture of good faith. It may also include any adjustments or allowances agreed upon by both parties. 4. Financing: If the buyer is financing the purchase, this section will include details about the type of financing (such as conventional loan, VA loan, or FHA loan) and any conditions or contingencies related to the mortgage approval process. 5. Closing and Title: This section discusses the closing date and location, as well as the condition and transfer of the property's title. It may also address title insurance, including who will pay for it and any related obligations. 6. Inspections and Due Diligence: This clause outlines the buyer's right to inspect the property and perform any necessary due diligence, including inspections for pests, lead-based paint, radon, or other environmental hazards. It establishes the deadlines for completing inspections and allows the buyer to request repairs or negotiate the purchase price based on the results. 7. Default and Remedies: This section defines the consequences and remedies if either party fails to fulfill their obligations under the agreement. It may include provisions for earnest money forfeiture, specific performance, or monetary damages. 8. Miscellaneous Provisions: These can vary depending on the specific agreement, but may include provisions related to mediation or arbitration in the event of a dispute, governing law, attorney's fees, and the disclosure of agency relationships. Different types of Phoenix Arizona Contracts for Sale and Purchase of Real Estate with No Broker for Residential Home Sale Agreement may exist based on specific variations or additional provisions required by the parties involved or specific property types, such as commercial property or vacant land. However, the core provisions mentioned above generally form the basis of these agreements.
