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PAGE 1 RESIDENTIAL RESALE REAL ESTATE PURCHASE CONTRACT The printed portion of this contract has been approved by the Arizona Association of REALTORS (AAR). This is intended to be a binding contract.
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How to fill out residential purchase contract
How to fill out a residential purchase contract:
01
Start by reading the entire contract carefully. Make sure you understand all the terms and conditions mentioned.
02
Fill in your personal information accurately, including your full name, contact details, and address. Also, provide the seller's information, if applicable.
03
Specify the property details, such as the address, legal description, and any other relevant information.
04
Indicate the purchase price and payment terms. Include details about the down payment and financing, if applicable.
05
Outline any contingencies or special conditions, such as a home inspection, financing approval, or necessary repairs.
06
Include any agreed-upon inclusions or exclusions, such as appliances or furniture that will be included or excluded from the sale.
07
Review and understand any disclosure requirements specific to your state or region, such as lead-based paint or asbestos disclosures.
08
Sign and date the contract, and ensure all parties involved sign as well. Consider having a witness or notary present, depending on local regulations.
09
Keep a copy of the signed contract for your records and provide copies to all parties involved, including your real estate agent and attorney if applicable.
Who needs a residential purchase contract:
01
Any individual or entity looking to buy or sell a residential property.
02
Both buyers and sellers can benefit from having a residential purchase contract in place. It helps protect the interests of all parties involved and ensures a legally binding agreement.
03
Real estate agents and attorneys often use residential purchase contracts to facilitate smooth transactions and protect their clients' rights. They assist in drafting the contract and guiding buyers and sellers through the process.
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What is residential purchase contract?
A residential purchase contract is a legally binding agreement between a buyer and seller outlining the terms and conditions of a real estate transaction.
Who is required to file residential purchase contract?
The buyer and seller are typically required to file a residential purchase contract.
How to fill out residential purchase contract?
The residential purchase contract can be filled out by including necessary details of the real estate transaction such as the purchase price, closing date, contingencies, and any additional terms agreed upon by the parties.
What is the purpose of residential purchase contract?
The purpose of a residential purchase contract is to establish the terms and conditions of a real estate transaction to protect both the buyer and seller.
What information must be reported on residential purchase contract?
Information such as the names of the buyer and seller, property address, purchase price, closing date, and any contingencies must be reported on the residential purchase contract.
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