This is a generic form for the sale of residential real estate. Please check your state=s law regarding the sale of residential real estate to insure that no deletions or additions need to be made to the form. This form has a contingency that the Buyers= mortgage loan be approved. A possible cap is placed on the amount of closing costs that the Sellers will have to pay. Buyers represent that they have inspected and examined the property and all improvements and accept the property in its "as is" and present condition.
The Phoenix Arizona Agreement for the Sale and Purchase of Residential Real Estate is a legally binding contract that facilitates the transaction of residential properties in the Phoenix, Arizona area. This agreement outlines the terms and conditions under which the buyer agrees to purchase the property from the seller. Considering its significance, it is essential to understand the various types of Phoenix Arizona agreements involved in the sale and purchase of residential real estate. 1. Standard Agreement for Sale and Purchase of Residential Real Estate: This is the most common type of agreement used in Phoenix, Arizona. It covers the basic terms such as the property address, purchase price, earnest money deposit, and contingencies. It also includes provisions for property inspections, disclosures, financing, and the closing process. 2. As-Is Agreement for Sale and Purchase of Residential Real Estate: This agreement is suitable for properties being sold in their current condition, without any warranties or repairs from the seller. It places the responsibility on the buyer to thoroughly inspect the property before purchase, as they are accepting it "as is." While the buyer can conduct inspections, they cannot request repairs or negotiate a lower price based on the property's condition. 3. New Construction Agreement for Sale and Purchase of Residential Real Estate: This agreement is specifically designed for the sale and purchase of newly constructed residential properties. It includes provisions for builder warranties, construction timelines, and additional contingencies related to the completion of the property. 4. Short Sale Agreement for Sale and Purchase of Residential Real Estate: This agreement is used when the seller aims to sell the property for less than the outstanding mortgage balance. Short sales occur when the seller is unable to meet their mortgage obligations, and the lender agrees to accept less than the amount owed. This agreement contains specific clauses related to the lender's approval, potential delays, and other conditions unique to short sale transactions. 5. Lease-Purchase Agreement for Sale and Purchase of Residential Real Estate: This agreement combines elements of both a lease and a purchase agreement, allowing the buyer to lease the property with an option to buy it at a later date. It outlines the lease terms, purchase price, option fee, and conditions for exercising the option. It is crucial for all parties involved in a residential real estate transaction in Phoenix, Arizona to carefully review and understand the specific agreement they are entering into. Seeking advice from a qualified real estate attorney or agent is highly recommended ensuring compliance with all applicable laws and regulations.The Phoenix Arizona Agreement for the Sale and Purchase of Residential Real Estate is a legally binding contract that facilitates the transaction of residential properties in the Phoenix, Arizona area. This agreement outlines the terms and conditions under which the buyer agrees to purchase the property from the seller. Considering its significance, it is essential to understand the various types of Phoenix Arizona agreements involved in the sale and purchase of residential real estate. 1. Standard Agreement for Sale and Purchase of Residential Real Estate: This is the most common type of agreement used in Phoenix, Arizona. It covers the basic terms such as the property address, purchase price, earnest money deposit, and contingencies. It also includes provisions for property inspections, disclosures, financing, and the closing process. 2. As-Is Agreement for Sale and Purchase of Residential Real Estate: This agreement is suitable for properties being sold in their current condition, without any warranties or repairs from the seller. It places the responsibility on the buyer to thoroughly inspect the property before purchase, as they are accepting it "as is." While the buyer can conduct inspections, they cannot request repairs or negotiate a lower price based on the property's condition. 3. New Construction Agreement for Sale and Purchase of Residential Real Estate: This agreement is specifically designed for the sale and purchase of newly constructed residential properties. It includes provisions for builder warranties, construction timelines, and additional contingencies related to the completion of the property. 4. Short Sale Agreement for Sale and Purchase of Residential Real Estate: This agreement is used when the seller aims to sell the property for less than the outstanding mortgage balance. Short sales occur when the seller is unable to meet their mortgage obligations, and the lender agrees to accept less than the amount owed. This agreement contains specific clauses related to the lender's approval, potential delays, and other conditions unique to short sale transactions. 5. Lease-Purchase Agreement for Sale and Purchase of Residential Real Estate: This agreement combines elements of both a lease and a purchase agreement, allowing the buyer to lease the property with an option to buy it at a later date. It outlines the lease terms, purchase price, option fee, and conditions for exercising the option. It is crucial for all parties involved in a residential real estate transaction in Phoenix, Arizona to carefully review and understand the specific agreement they are entering into. Seeking advice from a qualified real estate attorney or agent is highly recommended ensuring compliance with all applicable laws and regulations.
