Arizona Real Estate Documents
Arizona is one of the states that is an ‘escrow state’ – meaning, you do not have to use an attorney to buy or sell residential real estate in Arizona. Important documents and funds are held “in escrow” by the assigned escrow agent until the time of the closing. All of the stipulations for the transfer of the property and funds are cleared prior to the day of closing.
As licensed Arizona residential Realtors we owe a fiduciary duty to our client and shall protect and promote the client’s interests. We strive to represent a buyer or seller and to deal fairly with all other parties to a transaction. The Arizona Real Estate Agency Disclosure and Election form is a tool used to define the Realtor-client relationship by outlining the fiduciary duties of the Realtor.
The standard Arizona Real Estate Documents are legal documents drafted by a team of leading Arizona brokers along with real estate attorneys through the Arizona Department of Real Estate. Revisions are periodically produced to meet the demands of the ever evolving real estate market. The Standard forms are continually reviewed and periodically updated to reflect changes in the real estate laws.
Below are the most common Arizona Residential Real Estate documents:
Residential Resale Purchase Contract This is the primary form used in residential sales. This contract between a buyer and a seller establishes the terms and conditions of the sale of residential property. There is a lot of “boilerplate” language, in addition to many items that can be modified by either party. The purchase contract sets forth various terms of the agreement, including the price and financing, as well as title and escrow details.
Residential Sellers Property Disclosure Statement (SPDS or “Spuds”) Sellers are obligated to disclose all known material facts about the property to the buyer. Inaccurate or untruthful statements on a SPDS can create legal liability for the seller of the property. This form assists the seller in making these disclosures. Listing agents should be aware that the SPDS is a useful tool for both sides in the transaction. A seller has a legal obligation to disclose all known defects to a buyer, even
when selling a property “as is.” The SPDS can help a seller avoid unintentional lack of disclosure.
Pre-Qualification Form (most recent revision Feb 2011) This form is important to buyers! In Arizona we can not submit an offer without this “pre-qualification form”. This form is completed by a lender based on info provided by an individual wishing to purchase a property. It tells the seller that the lender has done their due diligence in researching this buyer and that they should feel comfortable taking their home off of the market for this buyer. We have some excellent references for qualified professional mortgage lenders who will be able to per-qualify you in a matter of hours. Please contact us for these references.
If the property is located in a HOA, you will need the H.O.A Condominium / Planned Community Addendum. This form addresses which party will be responsible for paying any HOA dues, fees, and assessments related to the sale.
If the property was constructed prior to 1978, a
Lead Base Paint Disclosure Addendum will be required. This Lead-Based Paint Disclosure statement is required by Federal Law when selling residential real estate built prior to 1978.
Arizona Buyer Advisory This advisory is designed to make the purchase of real property as smooth as possible. Some of the more common issues that a buyer may decide to investigate or verify concerning a property purchase are summarized in this Advisory.
- Residential Buyer’s Inspection Notice and Seller’s Response (BINSR) ~ 02/11
- Loan Status Update ~ 02/11
- Unfulfilled Loan Contingency Notice
- Cure Period Notice ~ 2/09
There are additional Arizona Real Estate Documents that are used for periodically for specific instances. If you have questions regarding Arizona residential real estate transactions, please contact us.