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Arizona Real Estate Contract: Different Types and Key Terms to Include

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What is an Arizona Real Estate Contract?

An Arizona real estate contract, commonly known as a real estate purchase and sale agreement, is a legally binding contract entered into by a buyer and seller for the sale of property.

A typical real estate contract includes the basic terms of the sale which often include a description of the property, sale price, closing date, required disclosures, and contingencies. Contingencies are the actions that both parties must take to facilitate the deal and can include home inspections and securing financing for the purchase.

Real estate contracts are a type of contract covered by the Arizona statute of frauds so this contract must be in writing to be legally enforceable.

Common Arizona Real Estate Contracts

There are several types of real estate contracts that are used in Arizona including:

  • Purchase agreement. The most common type of real estate contract that is used for the transfer of property between a buyer and a seller.
  • Real estate assignment contract. Used when purchasing “distressed properties” as a wholesale investment strategy. This contract allows the buyer to assign the contract to a second buyer.
  • Lease agreement. Use when a landlord wants to rent their property to a tenant for use.

4 Essential Elements of an Arizona Real Estate Contract

The four essential elements of an Arizona real estate contract to make the contract valid and enforceable under Arizona property laws include:

  1. The contract must be in writing and include a legal description of the property
  2. There needs to be mutual assent and legal consideration
  3. The parties must both be legally competent
  4. The contract cannot violate any laws

What Must Be Included in an Arizona Real Estate Contract?

Under Arizona law, several different required disclosures must be included in all real estate contracts. Disclosures contain important information about the conditions of a property that could affect the property value.

Required disclosures include:

  1. Property disclosure statement. A form used by a seller to disclose what they know about the property’s condition and issues.
  2. Buyer inquiry. Seller must disclose all information relating to any inquiries made by the buyer.
  3. Comprehensive loss underwriting exchange (CLUE). Sellers must provide buyers with a report showing the past five years of insurance claims filed on the property.
  4. Condo disclosure information. Required only when the property is managed by an HOA or condominium community.
  5. Notice of soil remediation. Written notice of any soil remediation.
  6. Disclosure affidavit for land in unincorporated areas. A written affidavit provided by the buyer for property on unincorporated land.
  7. Military airport disclosure. Required when the property is located within the vicinity of a military airport.
  8. Lead-based paint disclosure. Only applicable for houses built before 1978
  9. Swimming pool disclosure. If the property has a swimming pool, the seller needs to provide a department of health services notice to the buyer.

Sellers do not have to disclose if the property was the location of a death, homicide, or any other felony crimes or if the property is in the vicinity of a sex offender.

Can a Buyer Back Out of a Real Estate Contract in Arizona?

Yes. A buyer can back out of a real estate contract in Arizona but there will be consequences. One way for a buyer to back out of a real estate deal is if the seller fails to meet a contingency or breaches the contract in some way like failing to provide a required disclosure.

If a buyer doesn’t have any contingencies available, they can breach the real estate contract to the end the deal. Breaching the contract however could have legal ramifications and the buyer will lose their deposit and any money spent on inspections and surveys throughout the process.

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ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.

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G'day, my name is Michele! I work with startups, entrepreneurs and small/medium-sized businesses across the country in a wide array of industries. I help them with all of their ongoing, daily legal needs. This includes entity formation, M&A, contract drafting and review, employment, asset sale & acquisition, and business sales or shareholder exits. I'm half-Australian, half-Italian, and I've lived the last 20+ years of my life in America. I've lived all over the USA, completing high school in the deep south, graduating cum laude from Washington University in St. Louis, and then cum laude from Georgetown University Law Center. After law school I worked for the Los Angeles office of Latham & Watkins, LLP. After four intense and rewarding years there, I left to become General Counsel and VP of an incredible, industry-changing start-up called Urban Mining Company (UMC) that manufactures rare earth permanent magnets. I now work for Phocus Law where I help run our practice focused on entrepreneurs, startups, and SMEs. I love what I do, and I'd love to be of help! My focus is on providing stress-free, enjoyable, and high-quality legal service to all of my clients. Being a good lawyer isn't enough: the client experience should also be great. But work isn't everything, and I love my free time. I've been an avid traveler since my parents put me on a plane to Italy at 9-months old. I'm also a music nut, and am still looking for that perfect client that will engage me to explain why Dark Side Of The Moon is the greatest album of all time. Having grown up in a remote, and gorgeous corner of Australia, I feel a strong connection to nature, and love being in the elements.

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Real Estate Contract

New York

Asked on Dec 26, 2021

Can you purchase or refinance under a land contract?

I’ve been living here for 2 years. Currently have been working with my credit union and they are having a terrible time trying to understand the legalities of my land contract first off, and secondly they just don’t seem to know what they are doing. It’s been over 8 months, 4 different loan officers and I’m once again waiting for someone else to help finish this thing out. It’s only $60,000 with a $120,000 appraisal. So, as of now I am stuck paying 2.5x monthly under this land contract than I was promised would be an easy mortgage process. So any guidance in the right direction would be very helpful. It’s a New York home. 20 yr fixed, no balloon, with a (brace yourself) 12% apr. HELP ME PLEASE! One month I’m being told to authorize a credit check for a first time homebuyer grant method of mortgaging this property. The next it’s authorizing it for a refinance. I do have earnest money deposits for over $3,000 and another $3000 paid towards principal under this land contract also.

Jane C.

Answered Jan 11, 2022

I suggest you speak with a New York real estate attorney. That attorney needs to review the documents related to the transaction.

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Real Estate

Real Estate Contract


Asked on Mar 18, 2022



Meghan T.

Answered Mar 29, 2022

Hi. The cost for my practice to prepare a Quit Claim Deed is $99. The Cost for me to handle the closing is $250 plus recording fees. These costs apply for any county within the state of Georgia. Let me know if you have any more questions. Meghan K Thomas

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Real Estate

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Asked on Mar 24, 2022

How many years does a quick claim become effective?s

Number of years for quick claim to be effect ive

Meghan T.

Answered Mar 29, 2022

A quit claim deed is effective upon execution so long as the deed is dated as of the date of signature. Execution means that the deed is signed, in front of a witness and a notary. The witness and notary must also sign the deed. Finally, the deed must be recorded. This means that the deed must be submitted to the Superior Court recording office of the County in which the property sits. Please let me know if you have any questions. Thanks, Meghan K Thomas

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Asked on Mar 27, 2022

what is better to buy land or rent for construction in US?

we are a construction company from Ukraine, we are planning to build a cottage town in the USA

T. Phillip B.

Answered Apr 5, 2022

I suppose it doesn't matter if you have the lease giving you permission and the lease is long enough to justify the building expense when you won't own it. But I'd buy the land so you could eventually sell the property with the building on it.

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