Condo Disclosure Information. Necessary if the sale of real estate is managed by a owners` association or a proposed condominium/commune. (Ariz. Rev. Stat No. 33-1806 – 33-1260) Material Facts (151 Ariz. 81, 725 P.2d 1115 (Ct. 1986)) – According to the legal procedure “Hill v. Jones,” all known essential facts about the property must be disclosed prior to the performance of the contract. The Arizona Association of Realtors offers a Seller`s Property Disclosure Statement (SPDS) that is linked to the disclosure title above. The sale contract in Arizona is made during the indefinite property exchange via a real estate at a monetary value that occurs between the owner and the person who buys the apartment. Specific information and information should be stored inside the instrument to ensure that the document is valid. This information would be the identification of the buyer-seller, details of the real estate that is purchased, and the type of financing used in the transaction.
As a general rule, the buyer must submit money for a serious money deposit that essentially functions as a confirmation of the contract. We believe it is important for buyers and sellers to read the home purchase contract before making or receiving an offer. So we have a PDF contract template that you can see. In this article, you`ll find a link to this topic below. In Arizona, sellers must enter into a real estate purchase agreement and the following disclosures to be considered legally binding: if you and the seller finally reach an agreement, your real estate agent will pass on your serious money check to the trust company at the same time as the contract signed by the buyer and seller. This is called the “opening of the trust bird.” The trust company will immediately deposit your serious money check so that you are sure you have enough money in this bank account to cover the cheque. Military Airport (No. 28-8484) – All real estate contracts relating to the sale of residential real estate located in the immediate vicinity of a military air station must be provided with a statement that discloses this information. In Arizona, we have a special form called pre-qualification form. Compared to a “pre-agony” letter, this form gives the seller much more detailed information about the buyer`s location in order to obtain permission to obtain a loan.
Unincorporated Areas – People who sell 5 parcels or less in a “non-communal territory” must submit an affidavit to the buyer within at least seven (7) days prior to the exchange.