How to Write Arizona Real Estate Purchase Contracts

Careful attention when writing a real estate purchase contract prevents future problems.

An Arizona real estate purchase contract legally binds a buyer and seller to an agreement once the seller accepts the offer. If the seller counter offers, he should write the new terms on the contract before sending it back. The buyer can rescind his offer anytime before the seller accepts it. Because the agreement is binding, the buyer should also make sure he thoroughly examines the home before signing the contract. A pre-purchase examination includes a home and termite inspection.

Things You'll Need

• Computer
• Internet
• Paper
• Pen

Instructions

How to Write Arizona Real Estate Purchase Contracts

1. Write the buyer's name on the first line and the seller's name on the second line. On the next line, write the property's address, assessor's number and legal description. You can find the legal description at the county assessor's office.

2. Fill in the purchase price. Write down the deposit amount, also called earnest money, on a separate line.

3. Write down the date when the buyer or seller will record the deed at the county office, also known as the close of escrow date. Choose a date that allows enough time to complete all paperwork.

4. List items physically attached to the house, including appliances, light fixtures or even speakers affixed to the wall. Generally, the seller leaves any item that requires a tool to detach. The seller can negotiate to keep an item, but she should record all agreements to avoid a dispute.

5. List the type and amount of financing, whether a conventional loan or financing from the Federal Housing Administration. Also detail loan fees and which party has agreed to pay them.

6. Specify the escrow company and include its phone number. The escrow company acts as an impartial third party, holding money and documents related to the sale.

7. List required disclosures. For example, the seller must alert the buyer if the home contains lead-based paint. The buyer should initial this paragraph.

8. List who will pay for the home warranty, if applicable. If the buyer declines the protection, he should note that on the contract.

9. Sign the bottom, date it and add your address. Include a deadline for the seller to respond. The seller also signs, dates and adds his address after accepting the offer.

Tips & Warnings

• Before purchasing a home, investigate the neighborhood. Drive through at night. If you have kids, visit the schools and make sure no sex offenders you are uncomfortable with live in the area.

• You may want to hire a licensed real estate agent to guide you through buying or selling your home. Arizona has many laws that affect real estate transactions, and a professional can simplify the process.

References

• Arizona Association of Realtors: Residential Resale Real Estate Purchase Contract

Resources

• Arizona Association of Realtors
• Arizona Association of Realtors: Purchase Contracts