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Escrow Agreement for Sale of Real Property - Deposit of Estimated...

Pima Arizona Escrow Agreement for Sale of Real Property - Deposit of Estimated Purchase Prices

Name: Pima Arizona Escrow Agreement for Sale of Real Property - Deposit of Estimated Purchase Prices
Brand: US Legal Forms
Rating: 4.58 (425 reviews)

Category:

Real Estate - Escrow

State:

Multi-State

County:

Pima

Control #:

US-01897BG

Format:

Instant download

Description

Escrow refers to a type of account in which the money, a mortgage or deed of trust, an existing promissory note secured by the real property, escrow "instructions" from both parties, an accounting of the funds and other documents necessary to complete the transaction by a date, is held by a third party, called an "escrow agent", until the conditions of an agreement are met. When the funding is complete and the deed is clear, the escrow agent will then record the deed to the buyer and deliver funds to the seller. The escrow agent or officer is an independent holder and agent for both parties who may receive a fee for their services.

This agreement is between a client and his attorney. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

How to fill out Pima Arizona Escrow Agreement For Sale Of Real Property - Deposit Of Estimated Purchase Prices?

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FAQ

Unless otherwise instructed in writing by the parties, the escrow charges and recording/filing fees shall be paid one-half by Buyer and one-half by Seller.

Most purchase agreements are contingent upon a satisfactory home inspection and mortgage financing approval. There are other types of contingencies as well, in addition to the most common ones mentioned above. Buyers should use a "market-minded" approach when adding these items to their contracts.

An Arizona residential real estate purchase and sale agreement is a legal document with terms and conditions for a buyer's purchase of property from a seller. The seller and buyer (or their attorneys) will negotiate the terms of the agreement including purchase price, closing date, property condition, and so on.

As discussed above, a purchase agreement should contain buyer and seller information, a legal description of the property, closing dates, earnest money deposit amounts, contingencies and other important information for the sale.

Required Elements of a Real Estate Contract To establish legality, a real estate contract must include a legal purpose, legally competent parties, agreement by offer and acceptance, consideration, and consent.

Is escrow required in Arizona? While some states use real estate attorneys to handle property sales, Arizona is an escrow state. You must use an escrow in Arizona when buying or selling property.

Legal purpose and legal capacity The real estate contract must be for a legal purpose. Additionally, both parties must be of legal age, sound mind and NOT under the influence of drugs or alcohol.

For Transactions over $1,000,000 and up to $5,000,000 add $10.00 per $10,000 or fraction thereof, for any amount in excess of $5,000,000 add $7.00 per $10,000 or fraction thereof.

For Arizona residential resale real estate, I have found that an earnest money amount equivalent to around 1% of the price you are offering for the home is usually acceptable to sellers.

In summary, escrow is when a third party manages the money and transactions between a buyer and seller. For a real estate transaction, for example, a buyer would deposit their money with the escrow company. Once the selling and contract process is over, the escrow company would then disburse the money to the seller.

Pima Arizona Escrow Agreement for Sale of Real Property - Deposit of Estimated Purchase Prices

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FAQ

Who pays escrow fees in Arizona?

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What must be included in an Arizona real estate purchase contract?

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Does Arizona have escrow instructions?

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