A home purchase contract in Arizona is a legal document drawn up by the seller of the house to convey to the buyer that the home is free and clear of any liabilities. It is usually signed on the home buyer's behalf by a notary public. This form is called "The Purchasing Agreement", "Home Purchase Agreement" or "Housing and Contract". The main intention of this contract is to protect both parties from possible claims and lawsuits from one another. It serves as the home buyers' guide to make sure that they are getting a good deal when buying a home.
There are three main parts of a home purchase contract in Arizona. The first part is the Home Purchase contract itself. This explains in simple terms the amount of money the home buyer will pay as a down payment towards the home. Usually it is around $cuffs. The amount paid as down payment may differ from one home buyer to another, depending on their home value and the lender's requirements.
The second section of the form is where the names of the home buyers will be entered. This is usually done in the name of the bank where the home loan is being taken out. In the home buyer's name, this gives the home buyer protection from any fraud or false advertising done by the seller's agent or real estate agent on behalf of the seller. The bank or lender can't pressure the buyer for this information and neither can the seller's agent.
Another section of the contract is where all the legal terms and conditions will be defined. This is also where the buyer's name will be entered. This section should clearly mention the price range, the home buyer is willing to pay. It also goes into details about the closing date, who will be handling the title insurance, what will happen if there is a deficiency that the buyer didn't know about when signing the home purchase contract, and what happens after the home is purchased.
After this section, you can enter in all the other details. This section should go over which financing method the buyer has chosen, the property details, how much the home is worth, and any other terms that might be attached to the home purchase contract. You can include the down payment that was made to the seller at closing or put in whatever money is left from the down payment. The contract can also state what happens if something is wrong with the home after it is bought. For instance, if there is damage to the home that needs to be fixed before the home can be put on the market, the home purchase contract will state what happens to the buyer if that happens.
The home_purchase contract in Arizona is very similar to the contracts you see when buying a home. They don't however, detail every single detail that goes into purchasing a home, especially if they're buying a house in a different part of the country. The home_purchase contract in Arizona is actually rather short, providing just enough information for the home buyer to make an informed decision. All the legalese in the world will really mean nothing if the home purchase contract has been written poorly, so buyers would be wise to spend a few hours checking over the contract before signing it.
If you'd like a more detailed home purchase contract in Arizona, you can find them online. There are a number of different websites that allow you to input a number of details and get back a quote. Prices vary depending on the number of details that are entered, but there are some things that you should always enter. These things include such things as the price of the home, the estimated time the home will be ready for occupation, and the name of the homeowner (or owners). You'll need to enter the sales tax rate, as well. Arizona doesn't require home buyers to purchase home insurance, but it's strongly encouraged.
A good home purchase contract in Arizona should be filled out completely and entirely. It shouldn't be cut and pasted or in any way altered. Any information that you've provided regarding home prices, appliances, etc. should be complete and accurate. If not, Arizona's Department of Real Estate and Consumer Services will file suit to force you to correct your mistakes.