Welcome to the UrbanConnectionRealty.com page on the Residential Purchase Contact used by Realtors helping people buying homes, condos and real estate in downtown, north central and greater Phoenix, AZ.
The Residential Purchase contract is a 9 page legal document that outlines the duties, requirements, and other information when buying a home in Arizona. The contract has been created over time to offer clarity and protection to buyers and sellers of real estate in Arizona. Many say it is one of the finest real estate purchase contracts in the country.
We think it is important for both buyers and sellers to read through the contract prior to making or receiving an offer. Thus, we have a sample contract in PDF form you can take a look at. You’ll find a link to it farther down in this article.
In addition to the Purchase Contract, many real estate transactions will include a variety of addendum. These various documents cover specific topics not included in the main Arizona Purchase Contract such as:
- HOA Addendum: A document that outlines costs and obligations when buying or selling a home/condo that has a homeowners association.
- Loan Pre-qualification Form: Page two of the contract will ask the buyer if they are attaching this form with the purchase offer. Some home sellers will not consider an offer without this form attached. We advise people to get prequalified by a lender prior to looking at homes.
- AS IS Addendum: A document often seen with bank owned homes and short sales. The AS IS addendum outlines changes to the Purchase Contract when a home or condo is being sold in AS IS condition.
- Short Sale Addendum: AS the name suggests, this document is used when buying or selling a home by short sale.
- Lead Based Hazards Disclosure: A document pertaining to real estate built prior to 1978 where lead based hazards, usually paint, may be an issue.
- Mold Disclosure: Many real estate companies have an addendum regarding mold.
- Seller Property Disclosure Statement: We call this form SPDS for short. It is a document signed by the home seller disclosing facts about the home that may be of importance to the buyer. NOTE TO HOME SELLERS: Many law suits arise out of a home seller failing to disclose a problem in the SPDS.
- Buyer’s Inspection Notice and Seller’s Response: A document prepared by the buyers and their Realtor at the conclusion of the inspection period. In this document the buy can cancel the contract, ask for repairs to be made or accept the home as is. The seller’s side of the document is their response any buyer requests for repairs.
- Watch our YouTube Video for the BINSR for. Part 1 PArt 2
We hope this info has been of help as you learn more about buying and selling homes in downtown, north central or greater Phoenix. If you have any questions or need some help… we would be delighted to be of service.
The Urban Team at Realty Executives
7600 N. 16th Street, Suite 100
Phoenix, AZ 85020