Arizona’s residential purchase contract form is a minimum of 9 pages. There are a multitude of blanks that must be filled in to complete it. Generally there are 3 separate parts to the contract: price, terms and conditions. The gross purchase price occupies just one line of the 473 lines in the contract. So offers to purchase are about much more than the gross amount paid that is put into a blank. There are a number of important issues which may make the difference between a successful and disastrous home sale. For example contingencies, which let the buyer get out of the deal. Generally, the fewer the contingencies the more favorable it will be to the seller, less favorable to the buyer. Closing dates and pre and post possession situations can also be crucial, and often involve thorny legal issues. Earnest money terms, especially when that deposit is non-refundable, have created much controversy and litigation. And there is much more. In short, to be able to prepare or negotiate the terms of a contract presented – both the preprinted portions and that put in the blanks, knowledge of the law and Arizona real estate procedure is necessary. Next: More than a contract is involved in a sale.
