ARIZONA REAL ESTATE PURCHASE AGREEMENT
This RESIDENTIAL PURCHASE AGREEMENT (“Agreement”) is entered into as of the
______ day of __________________, 20 ______, (“Effective Date”) by and between ____________
_______________________________ (“Seller”) located at _____________________________________
________________________________________________________________________________________
[address of Seller] and __________________ (“Buyer”) located at ___________________________
________________________________________________________________________________________
[address of Buyer]. Each Seller and Buyer may be referred to in this Agreement
individually as a “Party” and collectively as the “Parties.”
WHEREAS Seller owns the Property, as defined below, and Seller desires to sell the
Property under the terms and conditions set forth in this Agreement, and
WHEREAS Buyer desires to purchase the Property offered for sale by Seller under the
terms and conditions set forth in this Agreement.
NOW THEREFORE, in consideration of the mutual promises and for other good and
valuable consideration exchanged by the Parties as set forth in this Agreement, the
Parties, intending to be legally bound, hereby mutually agree as follows:
PROPERTY. Seller hereby agrees to sell and convey to Buyer, and Buyer hereby agrees
to purchase from Seller (“Transaction”), all of Seller’s right, title and interest in the real
property located at ____________________________________________________________________
________________________________________________________________________________________
and the legal description ______________________________________________________________
___________________________________________________________________________ (“Property”).
PERSONAL PROPERTY. The sale includes all of Seller’s rights, title and interest, if any, to
all real estate, buildings, improvements, appurtenances, and fixtures (except as
described below). Fixtures shall include all things that are embedded in the land or
attached to any buildings and cannot be removed without damage to the Property.
A. In addition, the following items shall be included in the sale: _____________________
_________________________________________________________________________________
B. The following fixtures and items are excluded from the sale: _____________________
_________________________________________________________________________________
C. In addition to the real property, the Seller shall include the following personal
property: _______________________________________________________________________
_________________________________________________________________________________
PURCHASE PRICE AND TERMS. The Buyer agrees to purchase the Property by payment of
$ __________________ (“Purchase Price”) as follows:
ALL CASH OFFER. No loan or financing of any kind is required in order to
purchase the Property. Buyer shall provide Seller written third (3rd) party
documentation verifying sufficient funds to close no later than
__________________, 20 ______, at ____________ AM PM. Seller shall have ______
business days after the receipt of such documentation to notify Buyer, in writing,
if the verification of funds is not acceptable. If Buyer fails to provide such
documentation, or if Seller finds such verification of funds is not acceptable,
Seller may terminate this Agreement. Failure of Seller to provide Buyer written
notice of objection to such verification shall be considered acceptance of
verification of funds.
BANK FINANCING. The Buyer’s ability to purchase the Property is contingent
upon the Buyer’s ability to obtain financing under the following conditions:
Conventional Loan
FHA Loan (Attach Required Addendums)
VA Loan (Attach Required Addendums)
Other: _____________________________________________________________
A. In addition, Buyer agrees, within a reasonable time, to make a good faith
loan application with a credible financial institution.
B. If Buyer does not reveal a fact of contingency to the lender and this
purchase does not record because of such nondisclosure after the initial
application, the Buyer shall be in default.
C. On or before __________________, 20 ______ Buyer will provide Seller a letter
from a credible financial institution verifying a satisfactory credit report,
source of down payment, acceptable income, availability of funds to close,
and that the loan approval is is not contingent on the lease, sale, or
recording of another property.
D. In the event the Buyer fails to produce the aforementioned letter or other
acceptable verification by __________________, 20 ______ this Agreement
may be terminated at the election of Seller with written notice provided to
Buyer within ______ days from the date.
E. Buyer must obtain Seller’s approval, in writing, to any change to the letter
described above regarding the financial institution, type of financing, or
allocation of closing costs.
F. Buyer agrees to pay all fees and satisfy all conditions, in a timely manner,
required by the financial institution for processing the loan application.
G. Buyer agrees the interest rate offered by a lender or the availability of any
financing program is not a contingency of this Agreement, so long as
Buyer qualifies for the financing herein agreed. The availability of any
financing program may change at any time.
H. Any licensed real estate agent hired by either Party is not responsible for
representations or guarantees as to the availability of any loans, project or
property approval or interest rates.
SELLER FINANCING. Seller agrees to provide financing to the Buyer under the
following terms and conditions:
A. Loan Amount $ __________________
B. Down Payment $ __________________
C. Interest Rate (per annum) ______%
D. Term ______ Months Years
E. Buyer shall be required to produce documentation, as required by Seller,
verifying Buyer’s ability to purchase according to the Purchase Price and
the terms of the Seller Financing. Therefore, such Seller Financing is
contingent upon Seller’s approval of the requested documentation to be
provided on or before __________________, 20 ______. Seller shall have until
__________________, 20 ______ to approve Buyer's documentation. In the
event Buyer fails to obtain Seller’s approval, this Agreement shall be
terminated with any amounts previously paid under this Agreement
refunded within ______ business days.
SALE OF ANOTHER PROPERTY. Buyer’s obligations under this Agreement are contingent
upon Buyer’s sale and closing of Buyer’s property located at: ______________________________
___________________________________________________________________________________________
___________________________________________________________________________________________
EARNEST MONEY. After acceptance by all Parties, the Buyer agrees to make a payment
in the amount of $ __________________ (“Earnest Money”) as consideration no later
than__________________, 20 ______ at ____________ AM PM. The Earnest Money shall be
applied to the Purchase Price at Closing and subject to Buyer’s ability to perform under
the terms of this Agreement. Any Earnest Money accepted is is not required to be
placed in a separate trust or escrow account in accordance with State law.
DISCLOSURES. Seller shall provide Buyer with all disclosures, including signed
disclosure forms, as required by federal, state and local law. Seller shall disclose to Buyer
in writing any defects in the Property known to Seller that materially affect the value or
quiet enjoyment of the Property. Buyer’s obligations under this Agreement are
contingent upon Buyer’s review and approval of all required Seller disclosures and
reports, including any preliminary title report. It is acknowledged by the Parties that:
There are no attached addendums or disclosures to this Agreement.
The following addendums or disclosures are attached to this Agreement:
Lead-Based Paint Disclosure Form
Other: _______________________________________________________________
Other: _______________________________________________________________
Other: _______________________________________________________________
SELLER REPRESENTATIONS AND WARRANTIES. Seller represents and warrants that:
A. Seller is the sole owner of record of the Property and has full right, power and
authority to sell, convey and transfer the Property.
B. Seller will convey to Buyer a good and marketable title to the Property by
providing to Buyer a valid general warranty deed.
C. The Property and the present use of the Property are not in violation of any
governmental rules, codes, permits, regulations or limitations, and represents
that nothing will be done or allowed to be done on or about the Property
between the signing of this Agreement and the date of the Closing which will
result in any such violation.
D. Seller is not a “foreign person” as defined in Section 1445(f) of the Internal
Revenue Code of 1986, as amended.
E. Any and all mortgage liens on the Property will have been released on the date
of the Closing.
F. Seller has no knowledge of the existence of any municipal lien and/or
assessment.
G. Seller has neither knowledge nor notice of any pending public agency hearings
or appeals affecting the Property and will promptly notify Buyer if Seller receives
notice or learns of any such hearings between the signing of this Agreement
and the date of the Closing.
H. Seller is not a “debtor” in a proceeding presently in any bankruptcy court.
I. Seller shall maintain the current insurance policy on the Property until the
Closing.
J. Seller will notify Buyer immediately of any matters that may impact the
Property, including, but not limited to, attachments, liens, and any notice zoning
matters.
K. Any material alterations, additions or improvements to the Property have been
made pursuant to and in accordance with the necessary and required filings,
permits, authorizations and/or consents.
L. Other: _________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
INSPECTION. Buyer’s obligations under this Agreement are contingent upon Buyer’s
inspection of the Property. Buyer may use any inspectors of Buyer’s choice at Buyer’s
expense. Seller shall cooperate in making the Property reasonably available for Buyer’s
inspection. If Buyer is not, in good faith, satisfied with the condition of the Property after
any inspection thereof, Buyer shall deliver to Seller a written request that Seller fix or
remedy any unsatisfactory conditions. If Buyer and Seller are unable to reach an
agreement regarding fixing or remedying the unsatisfactory conditions no later than
__________________, 20 ______, Buyer shall have the right to terminate this Agreement
and be refunded any amounts previously paid under this Agreement.
SURVEY. Buyer may obtain a survey of the Property before the Closing to assure that
there are no defects, encroachments, overlaps, boundary line or acreage disputes, or
other such matters, that would be disclosed by a survey ("Survey Problems"). The cost of
the survey shall be paid by the Buyer. Buyer shall notify Seller of any Survey Problems
which shall be deemed to be a defect in the title to the Property no later than
______ business days prior to the Closing. Seller shall be required to remedy such defects
within ______ business days and prior to the Closing. If Seller does not or cannot remedy
any such defect, Buyer shall have the right to terminate this Agreement and be
refunded any amounts previously paid under this Agreement.
MINERAL RIGHTS. It is agreed and understood that all rights under the soil, including
but not limited to water, gas, oil, and mineral rights shall be transferred by the Seller to
the Buyer at Closing.
TITLE. Seller shall convey title to the Property by warranty deed or equivalent. The
Property may be subject to restrictions contained on the plat, deed, covenants,
conditions, and restrictions, or other documents noted in a Title Search Report. Upon
execution of this Agreement by the Parties, Seller will, at the shared expense of both
Buyer and Seller, order a Title Search Report and have delivered to the Buyer.
Upon receipt of the Title Search Report, the Buyer shall have ______ business days to
notify the Seller, in writing, of any matters disclosed in the report which are
unacceptable to the Buyer. The Buyer’s failure to timely object to the report shall
constitute an acceptance of the Title Search Report.
If any objections are made by Buyer regarding the Title Search Report, mortgage loan
inspection, or other information that discloses a material defect, the Seller shall have
______ business days from the date the objections were received to correct said matters.
If Seller does not remedy any defect discovered by the Title Search Report, the Buyer
shall have the right to terminate this Agreement and be refunded any amounts
previously paid under this Agreement.
TITLE INSURANCE. As a condition to the Closing, Buyer shall obtain, at Buyer’s
Seller’s expense, a title insurance policy (“Title Policy”) by a title insurance company
(“Title Company”) selected by Buyer Seller which is authorized to do business in the
State of Arizona, subject only to:
A. Any and all restrictions, limitations, regulations, ordinances and/or laws imposed
by any governmental authority and any and all other provisions of any
governmental restrictions, limitations, regulations, ordinances and/or public laws.
B. Any liens for real property taxes or assessments created or attaching between the
date of the Title Policy and the date the deed or instrument of transfer is
recorded.
C. Any material defect, lien or encumbrance created, suffered, assumed or known
by the Buyer.
D. Any rights of eminent domain.
E. Any claim under bankruptcy or other creditor’s rights laws that the transfer is a
fraudulent conveyance.
F. Other: __________________________________________________________________________
_________________________________________________________________________________
_________________________________________________________________________________
SELLER’S INDEMNIFICATION. Except as otherwise stated in this Agreement, after
recording, the Buyer shall accept the Property AS IS, WHERE IS, with all defects latent or
otherwise. Neither Seller nor their licensed real estate agent(s) or any other agent(s) of
the Seller, shall be bound to any representation or warranty of any kind relating in any
way to the Property or its condition, quality or quantity, except as specifically set forth in
this Agreement or any property disclosure, which contains representations of the Seller
only, and which is based upon the best of the Seller’s personal knowledge.
APPRAISAL. Buyer’s performance under this Agreement:
Shall not be contingent upon the appraisal of the Property being equal to or
greater than the agreed-upon Purchase Price.
Shall be contingent upon the appraisal of the Property being equal to or greater
than the agreed-upon Purchase Price. If the Property does not appraise to at
least the amount of the Purchase Price, or if the appraisal discovers lender-
required repairs, the Parties shall have ______ business days to re-negotiate this
Agreement (“Negotiation Period”). In such an event the Parties cannot come to
an agreement during the Negotiation Period, the Buyer shall have the right to
terminate this Agreement and be refunded any amounts previously paid under
this Agreement.
REQUIRED DOCUMENTS. Prior to the Closing, the Parties agree to authorize all
necessary documents, in good faith, in order to record the transaction under the
conditions required by the recorder, title company, lender, or any other public or private
entity.
CLOSING. Buyer and Seller agree that before the recording can take place, funds
provided shall be in one of the following forms: cash, bank electronic transfer,
cashier’s check, money order, certified check, other: __________________ or any
above combination that permits the Seller to convert the deposit to cash no later than
the next business day. This transaction shall be closed on __________________, 20 ______
at ____________ AM PM or earlier at the office of a title company to be agreed upon by
the Parties (“Closing”). Any extension of the Closing must be agreed upon in writing by
Buyer and Seller. Real estate taxes, rents, dues, fees, and expenses relating to the
Property for the year in which the sale is closed shall be prorated as of the Closing. Taxes
due for prior years shall be paid by Seller.
CLOSING COSTS. The costs attributed to the Closing of the Property shall be the
responsibility of Buyer Seller both Parties. The fees and costs related to the
Closing shall include any costs by the title company that is in standard procedure with
conducting the sale of a property.
SELLER CLOSING COSTS. On or before the Closing, Seller shall pay:
Half of any escrow or closing fees
All escrow or closing fees
Other: ___________________________________________________________________
BUYER CLOSING COSTS. On or before the Closing, Buyer shall pay:
Half of any escrow or closing fees
All escrow or closing fees
Other: ___________________________________________________________________
SELLER CLOSING DELIVERABLES. At the Closing, Seller shall deliver to Buyer the
following:
A. A general warranty deed conveying to Buyer title to the Property, duly executed
and acknowledged by Seller.
B. A certificate from Seller certifying that Seller’s representations and warranties in
this Agreement are true and correct as of the date of the Closing.
C. Such affidavit or other evidence as the Title Company shall reasonably require for
its title insurance policy.
D. All keys to doors and mailboxes, codes to any locks and owner’s manuals for
appliances and fixtures.
E. Any other documents, certificates, notices, affidavit or statements required by
this Agreement, the Title Company, the escrow agent (if any) or law to complete
the Transaction.
F. All real property taxes and adjustments which are delinquent shall be paid at the
Closing out of funds due to Seller. Any non-delinquent real property taxes and
adjustments, if any, shall be apportioned pro rata on an accrual basis.
G. Other: __________________________________________________________________________
BUYER CLOSING DELIVERABLES. At the Closing, Buyer shall deliver to Seller the
following:
A. The full amount of the balance of the Purchase Price, as adjusted by any pro-
rations or credits.
B. Such affidavit or other evidence as the Title Company shall reasonably require for
its title insurance policy.
C. Any other documents, certificates, notices or statements required by this
Agreement, the Title Company, the escrow agent (if any) or law to complete the
Transaction.
D. Other: __________________________________________________________________________
TERMINATION. In the event this Agreement is terminated, as provided in this
Agreement, absent of default, the Buyer shall be refunded any amounts previously paid,
in full, within ______ business days, with all parties being relieved of their obligations as
set forth herein.
RISK OF LOSS. Seller assumes the risk of loss or damage by fire, natural disaster or other
casualties to the Property until the Closing. In the event that all or a portion of the
Property is destroyed or otherwise materially damaged prior to the Closing, the Buyer
shall have the option to complete the Transaction and receive any insurance proceeds
payable or terminate this Agreement and be refunded any amounts previously paid
under this Agreement.
POSSESSION OF THE PROPERTY. Seller shall deliver exclusive possession of the
Property to the Buyer on __________________, 20 ______.
BUYER’S LIEN. All sums paid on account of this Agreement and the reasonable
expenses related to the examination of the title are hereby made a lien upon the
Property, but such lien shall not continue after default by Buyer hereunder.
SEX OFFENDERS. Section 2250 of Title 18, United States Code, makes it a federal offense
for sex offenders required to register pursuant to the Sex Offender Registration and
Notification Act (SORNA), to knowingly fail to register or update a registration as
required. State convicted sex offenders may also be prosecuted under this statute if the
sex offender knowingly fails to register or update a registration as required, and
engages in interstate travel, foreign travel, or enters, leaves, or resides on an Indian
reservation.
A sex offender who fails to properly register may face fines and up to ten (10) years in
prison. Furthermore, if a sex offender knowingly fails to update or register as required
and commits a violent federal crime, he or she may face up to thirty (30) years in prison
under this statute. The Buyer may seek more information online by visiting
https://www.nsopw.gov/.
DEFAULT. In the event Buyer defaults, Buyer shall forfeit the Deposit to Seller as
liquidated damages, which shall be the sole and exclusive remedy available to Seller. In
the event Seller defaults, the Deposit shall be refunded to Buyer, and Buyer may sue for
all remedies available at law or in equity.
ACCEPTANCE OF DEED. The delivery and acceptance of the deed herein described
shall be deemed to constitute full compliance with all the terms, conditions, covenants
and representations contained herein, or made in connection with the Transaction,
except as may herein be expressly provided and except for the warranties of title.
BANKRUPTCY. In the event a bankruptcy petition is filed naming Seller as a debtor
under any Bankruptcy Code, between the signing of this Agreement and the Closing,
then this Agreement shall be terminated and the Buyer shall be entitled to a refund of
any and all sums paid under this Agreement.
TIME. All understandings between the Parties are incorporated in this Agreement. Its
terms are intended by the Parties as a final, complete and exclusive expression of their
Agreement with respect to its subject matter and they may not be contradicted by
evidence of any prior agreement or contemporaneous oral agreement.
ATTORNEY’S FEES. Except as otherwise expressly provided in this Agreement, in the
event of any litigation brought in law or equity to enforce any material provision of this
Agreement, the prevailing Party shall be entitled to recover its reasonable attorneys'
fees and court costs from the other Party.
GOVERNING LAW. The terms of this Agreement shall be governed by and construed in
accordance with the laws of the State of Arizona, not including its conflicts of law
provisions.
DISPUTE RESOLUTION. Buyer and Seller agree to mediate any dispute or claim arising
out of this Agreement, or in any resulting transaction, before resorting to arbitration or
court action.
A. If a dispute arises, between or among the Parties, and it is not resolved prior to or
after recording, the Parties shall first proceed in good faith to submit the matter
to mediation. Costs related to mediation shall be mutually shared between or
among the Parties. Unless otherwise agreed in mediation, the Parties retain their
rights to proceed to arbitration or litigation.
B. The Parties agree that any dispute or claim in law or equity arising between them
out of this Agreement or any resulting transaction, which is not settled through
mediation, shall be decided by neutral, binding arbitration. The arbitrator is
required to be a retired judge or an attorney with residential real estate law
experience unless the Parties mutually agree to a different arbitrator. Under
arbitration, the Parties shall have the right to discovery in accordance with state
law. Judgment upon the award of the arbitrator(s) may be entered into any court
having jurisdiction. Enforcement of this Agreement to arbitrate shall be governed
by the Federal Arbitration Act.
C. The following matters shall be excluded from mediation and arbitration:
a. A judicial or non-judicial foreclosure or other action or proceeding to
enforce a deed, mortgage or installment land sale contract as defined in
accordance with State law.
b. An unlawful detainer action, forcible entry and detainer, eviction action, or
equivalent.
c. The filing or enforcement of a mechanic’s lien.
d. Any matter that is within the jurisdiction of probate, small claims or
bankruptcy court.
D. The filing of court action to enable the recording of a notice of pending action, for
the order of attachment, receivership, injunction, or other provisional remedies,
shall not constitute a waiver or violation of the mediation and arbitration
provisions of this Agreement.
NOTICES. Any notice or other communication presented or made to any Party under this
Agreement shall be in writing and delivered by hand, sent by overnight courier service or
sent by certified or registered mail, return receipt requested, to the following addresses:
Buyer: ____________________________________________________________________________________
___________________________________________________________________________________________
Seller: _____________________________________________________________________________________
___________________________________________________________________________________________
ASSIGNMENT. This Agreement and Buyer’s rights under this Agreement may not be
assigned by Buyer without the express written consent of Seller.
AMENDMENT. This Agreement may be amended or modified only by a written
agreement signed by all the Parties.
WAIVER. No Party shall be deemed to have waived any provision of this Agreement or
the exercise of any rights held under this Agreement unless such waiver is made
expressly and in writing. A waiver by any Party of a breach or violation of any provision of
this Agreement shall not constitute a waiver of any other subsequent breach or
violation.
TERMS AND CONDITIONS OF OFFER. This is an offer to purchase the Property in
accordance with the above-stated terms and conditions of this Agreement. If at least
one, but not all, of the Parties, initial such pages, a counteroffer is required until an
agreement is reached. The Seller has the right to continue to offer the Property for sale
and to accept any other offer at any time prior to notification of acceptance. This
Agreement and any supplement, addendum or modification, including any copy, may
be signed in two or more counterparts, all of which shall constitute one and the same
writing.
OFFER EXPIRATION. This offer to purchase the Property as outlined in this Agreement
shall be deemed revoked and the Buyer shall be refunded any amounts previously paid
unless this Agreement is signed by the Seller and a copy of this Agreement is personally
given to the Buyer by __________________, 20 ______, at ____________ AM PM.
ACCEPTANCE. Seller warrants that Seller is the owner of the Property or has the
authority to execute this Agreement. Therefore, by the Seller’s authorization below,
Seller accepts the above offer and agrees to sell the Property on the above terms and
conditions and agrees to the agency relationships in accordance with any agreements
made with a licensed real estate agent. The Seller has read and acknowledges receipt of
a copy of this Agreement and authorizes a licensed real estate agent to deliver a signed
copy to the Buyer. Delivery may be in any of the following hand delivery, email under
the condition that the party transmitting the email receives electronic confirmation
that the email was received to the intended recipient, or by facsimile to the other party
or the other party’s licensee, but only if the transmitting fax machine prints a
confirmation that the transmission was successful.
LICENSED REAL ESTATE AGENT. If Buyer or Seller has hired the services of a licensed
real estate agent to perform representation on their behalf, the real estate agent shall be
entitled to payment for their services as outlined in their separate written agreement.
BINDING EFFECT. This Agreement shall be for the benefit of, and be binding upon, the
Parties, their heirs, successors, legal representatives, and assigns, which, therefore,
constitute the entire Agreement between the Parties. No modification of this
Agreement shall be binding unless signed by both Buyer and Seller.
COUNTERPARTS. This Agreement may be executed in one or more counterparts, each
of which shall be deemed to be an original, and all of which together shall constitute
one and the same document.
SEVERABILITY. If any provision of this Agreement is held to be invalid, illegal or
unenforceable in whole or in part, the remaining provisions shall not be affected and
shall continue to be valid, legal and enforceable as though the invalid, illegal or
unenforceable parts had not been included in this Agreement.
ENTIRE AGREEMENT. This Agreement together with any attached addendums or
disclosures shall supersede any and all other prior understandings and agreements,
either oral or in writing, between the parties with respect to the subject matter hereof
and shall constitute the sole and only agreements between the parties with respect to
the said Property. All prior negotiations and agreements between the parties with
respect to the Property hereof are merged into this Agreement. Each Party to this
Agreement acknowledges that no representations, inducements, promises, or
agreements, orally or otherwise, have been made by any Party or by anyone acting on
behalf of any Party, which are not embodied in this Agreement and that any
agreement, statement or promise that is not contained in this Agreement shall not be
valid or binding or of any force or effect.
ADDITIONAL TERMS AND CONDITIONS. ______________________________________________
________________________________________________________________________________________
________________________________________________________________________________________
________________________________________________________________________________________
________________________________________________________________________________________
IN WITNESS WHEREOF, the Parties hereto, individually or by their duly authorized
representatives, have executed this Agreement as of the Effective Date.
________________________________________ ________________________________________
SELLER’S SIGNATURE SELLER’S SIGNATURE
________________________________________ ________________________________________
PRINTED NAME PRINTED NAME
________________________________________ ________________________________________
DATE DATE
________________________________________ ________________________________________
BUYER’S SIGNATURE BUYER’S SIGNATURE
________________________________________ ________________________________________
PRINTED NAME PRINTED NAME
________________________________________ ________________________________________
DATE DATE
________________________________________ ________________________________________
AGENT’S SIGNATURE AGENT’S SIGNATURE
________________________________________ ________________________________________
PRINTED NAME PRINTED NAME
________________________________________ ________________________________________
DATE DATE