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The official publication of the Phoenix Association of REALTORS MARCH/APRIL2012 x VOL. 14, NO. 2 New Short Sale Agreement Notice and Other Revised AAR Forms The following is an excerpt of an article

How to fill out aar short sale agreement

How to Fill Out an AAR Short Sale Agreement:

1. Begin by reviewing the AAR Short Sale Agreement form thoroughly. Familiarize yourself with all the sections and requirements to ensure you understand what information needs to be provided.
2. The first section of the agreement typically requires basic details such as the property address, listing number, and the names and contact information of all parties involved – the buyer, seller, and any authorized representatives.
3. Next, you may need to input the purchase price agreed upon for the property. This section may also include any additional terms or conditions specific to the sale. Carefully read and fill in these details accurately.
4. The AAR Short Sale Agreement may also include sections related to disclosure of property conditions, inspection rights, and the seller's representations and warranties. Provide any necessary information in these sections based on the specific circumstances of the sale and property condition.
5. Additionally, the agreement may require the inclusion of specific timelines for various actions, such as property inspection, repairs, financing approval, or the release of contingencies. Pay attention to these dates and ensure they are accurately represented.
6. Depending on the agreement, there may be sections related to the release of earnest money, dispute resolution, or the inclusion of additional addendums. Fill in these sections if they apply to your specific transaction.

Who needs an AAR Short Sale Agreement?

1. Homeowners looking to sell their property through a short sale – where the sale proceeds fall short of the outstanding mortgage balance – may utilize an AAR Short Sale Agreement.
2. Real estate agents or brokers can also use the AAR Short Sale Agreement to facilitate the negotiation and documentation of short sale transactions on behalf of their clients.
3. Buyers interested in purchasing a property through a short sale may be required to sign an AAR Short Sale Agreement, outlining the terms, conditions, and responsibilities of both parties.

In conclusion, filling out an AAR Short Sale Agreement involves carefully reviewing and providing accurate information in various sections. This agreement is commonly used by homeowners, real estate agents, and buyers involved in short sale transactions.

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What is aar short sale agreement?

AAR Short Sale Agreement is a contract used in real estate transactions where the seller agrees to sell a property for less than the outstanding mortgage balance.

Who is required to file aar short sale agreement?

The seller of the property is required to file the AAR Short Sale Agreement.

How to fill out aar short sale agreement?

The AAR Short Sale Agreement should be filled out with the details of the property, sale price, outstanding mortgage balance, and the terms of the sale.

What is the purpose of aar short sale agreement?

The purpose of the AAR Short Sale Agreement is to facilitate the sale of a property when the seller is unable to sell it for the full mortgage balance.

What information must be reported on aar short sale agreement?

The AAR Short Sale Agreement must include details of the property, sale price, outstanding mortgage balance, and terms of the sale.