"Real Estate Purchase Agreement Template" - Arizona

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Download "Real Estate Purchase Agreement Template" - Arizona

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Arizona Real Estate Purchase Agreement
This ​ R eal Estate Purchase Agreement ​ ( hereinafter referred to as the "Agreement") is
entered into as of the ___________________, by and between:
_____________________________, an individual located at ______________
_______________________________________________________________
_____________________________, an individual located at ______________
_______________________________________________________________
(hereinafter referred to as the "Seller(s)"),
AND
_____________________________, an individual located at ______________
_______________________________________________________________
_____________________________, an individual located at ______________
_______________________________________________________________
(hereinafter referred to as the "Byuer(s)").
Each Seller and Buyer may be referred to in this Agreement individually as a "Party"
and collectively as the "Parties".
1. Property. ​ T he Seller hereby agrees to sell to the Buyer, and the Buyer hereby
agrees to purchase from the Seller (hereinafter referred to as the "Transaction"), all of
the Seller's right, title and interest in the real property (hereinafter referred to as the
"Property") located at ___________________________________________________
___________________________________, and with the following legal description:
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
2. Personal Property.
2.1. ​ T he sale includes all of the Seller's right, 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. In addition, the following items shall be included in the sale:
Arizona Real Estate Purchase Agreement
This ​ R eal Estate Purchase Agreement ​ ( hereinafter referred to as the "Agreement") is
entered into as of the ___________________, by and between:
_____________________________, an individual located at ______________
_______________________________________________________________
_____________________________, an individual located at ______________
_______________________________________________________________
(hereinafter referred to as the "Seller(s)"),
AND
_____________________________, an individual located at ______________
_______________________________________________________________
_____________________________, an individual located at ______________
_______________________________________________________________
(hereinafter referred to as the "Byuer(s)").
Each Seller and Buyer may be referred to in this Agreement individually as a "Party"
and collectively as the "Parties".
1. Property. ​ T he Seller hereby agrees to sell to the Buyer, and the Buyer hereby
agrees to purchase from the Seller (hereinafter referred to as the "Transaction"), all of
the Seller's right, title and interest in the real property (hereinafter referred to as the
"Property") located at ___________________________________________________
___________________________________, and with the following legal description:
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
2. Personal Property.
2.1. ​ T he sale includes all of the Seller's right, 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. In addition, the following items shall be included in the sale:
_______________________________________________________________
_______________________________________________________________
_______________________________________________________________
2.2.​ The following fixtures and items are excluded from the sale:
_______________________________________________________________
_______________________________________________________________
_______________________________________________________________
3. Purchase price. ​ T he purchase price for property is $________________
(hereinafter referred to as the "Purchase Price") payable by the Buyer as follows:
● Earnest Money Deposit. $________________ (hereinafter referred to as the
"Deposit"), due upon the signing of this Agreement, the receipt of which is
hereby acknowledged, to be held in escrow pursuant of this Agreement.
The Deposit shall be applied to the Purchase Price at the Closing.
● Closing Balance. The remainder of the Purchase Price is due upon the delivery
of the general warranty deed at the Closing. This amount is subject to change
based on adjustments made pursuant to this Agreement. Unless otherwise
stated in the Agreement, all payments shall be made in proceeds that are
immediately available to Seller by one of the following methods:
_______________________________________________________________
4. Disclosures. The Seller shall provide the Buyer with all disclosures, and signed
disclosure forms, as required by law, including:
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
The Seller shall also disclose to the Buyer in writing any defects in the Property
known to the Seller that materially affect the value or quiet enjoyment of the Property.
The Buyer's obligations under this Agreement are contingent upon the Buyer's review
and approval of all required Seller disclosures and reports, including any preliminary
title report.
5. Assumption of Loan. ​ T he Buyer shall assume the Seller's existing mortgage
(hereinafter referred to as the "Mortgage") owed to ___________________________,
dated ___________________, having a present balance of $________________. The
Buyer agrees to assume and pay the Mortgage in accordance with its terms for all
payments due after the Closing.
All fees associated with the transfer of the Mortgage shall be paid by:
☐ the Seller
☐ the Buyer
6. Financing Contingency. The Buyer's obligations under this Agreement are
contingent upon the Buyer's ability to obtain a firm commitment for a mortgage loan
within _____________ days after the execution of this Agreement in the amount of
$_______________, which is at least _____________ years with an interest rate not
exceeding _____________%.
If the Buyer is unable to obtain such commitment within the time specified herein, the
Buyer must notify the Seller, and this Agreement shall be terminated and all amounts
paid shall be returned to the Buyer. The Buyer's obligations under this Agreement are
also contingent upon an appraisal on the Property equaling or exceeding the Purchase
Price.
7. Sale of Another Property Contingency. ​ T he Buyer's obligations under this
Agreement are contingent upon the Buyer's sale and closing of the Buyer's property
located at ____________________________________________________________
____________________________________________________________________.
8. Seller Representations and Warranties. The Seller represents and warrants the
following (check any that apply):
☐ The Seller is the sole owner of record of the Property and has full right,
power and authority to sell, convey and transfer the Property.
☐ The Seller will convey to the Buyer good and marketable title to the
Property by providing to the Buyer a valid general warranty deed.
☐ 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.
☐ Any and all mortgage liens on the Property will have been released on the
date of the Closing.
☐ The Seller has no knowledge of the existence of any municipal lien and/or
assessment.
☐ The Seller has neither knowledge nor notice of any public agency hearings
or appeals affecting the Property and will promptly notify the Buyer if the
Seller receives notice or learns of any such hearings between the signing of this
Agreement and the date of the Closing.
☐ The Seller is not a "debtor" in a proceeding presently in any bankruptcy
court.
☐ The Seller shall maintain the current insurance policy on the property until
the Closing.
☐ The Seller will notify the Buyer immediately of any matters that may impact
the Property, including, but not limited to, attachments, liens, and any notice
zoning matters.
☐ 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.
☐ _____________________________________________________________
_______________________________________________________________
_______________________________________________________________
9. Inspection. The Buyer's obligations under this Agreement are contingent upon the
Buyer's inspection of the Property. The Buyer may use any inspectors of the Buyer's
choice, at the Buyer's expense. The Seller shall cooperate in making the Property
reasonably available for the Buyer's inspection. If the Buyer is not, in good faith,
satisfied with the condition of the Property after any inspection thereof, the Buyer
shall deliver to the Seller a written request that the Seller fix or remedy any
unsatisfactory conditions.
If the Buyer and Seller are unable to reach an agreement regarding fixing or
remedying the unsatisfactory conditions, the Buyer shall have the right to terminate
this Agreement and be refunded any amounts previously paid under this Agreement.
10. Title Insurance. As a condition to the Closing, the Buyer shall obtain a title
insurance policy (hereinafter referred to as the "Title Policy") by a title insurance
company selected by the Seller which is authorized to do business in the state of
________________________ (hereinafter referred to as the "Title Company").
Promptly after the date hereof, the Buyer shall order a preliminary title report from the
Title Company.
Within _____________ days receiving the report, the Buyer shall forward a copy of
the report to the Seller and shall notify the Seller of any objections to the title in the
report or otherwise known to the Buyer. The Seller shall have _____________ days
after receipt of the Buyer's objections to correct or address the objections.
11. Closing. ​ T he closing of the Transaction (hereinafter referred to as the "Closing")
shall occur on ___________________ and shall take place at ___________________
_______________________________________________________________, unless
otherwise agreed upon by mutual consent of the Parties. The Buyer has the right to
make a final inspection of the Property prior to the Closing.
12. Seller Closing Deliverables. ​ A t the Closing, the Seller shall deliver to the Buyer
the following (check any that apply):
☐ A general warranty deed conveying to the Buyer the title to the Property,
duly executed and acknowledged by the Seller.
☐ A certificate from the Seller certifying that the Seller's representations and
warranties in this Agreement are true and correct as of the date of the Closing.
☐ Such affidavits or other evidence as the Title Company shall reasonably
require for its title insurance policy.
☐ All keys to doors and mailboxes, codes to any locks and owner's manuals
for appliances and fixtures.
☐ Any other documents, certificates, notices, affidavits or statements required
by this Agreement, the Title Company, the escrow agent (if any) or law to
complete the Transaction.