These are example contracts based on the May 2005 revision of the Arizona Association of Realtors Purchase Contract. There are other documents that we might also use, but these will most commonly be used for every home purchase. (These files require the Adobe Acrobat Reader, which you'll need to download and install if you don't already have it.)
If you would like to review the changes in the new contract, the AAR provides all the details here. This is a substantial improvement over the contract we have been using since January of 2000. There are important new Buyer protections, but Sellers now have better protections from dilatory Buyers. Plus there are stringent new requirements on lenders which should eliminate much if not all of the last minute craziness affecting transactions.
If you would like to see a run-down of all the forms we might use, go here.
Agency Disclosure and Election
This form describes our role as your Agent.
Buyer Broker Agreement
An employment contract between you and our brokerage. We hate this document the way it's written: It basically says you have to pay us whether or not we find your ideal home. We think this is wrong, so we pull its fangs: If we don't deliver, you owe us nothing and you can fire us at any time.
Residential Purchase Contract
The contract between you and the seller establishing the terms and conditions of your taking possession of the home. Depending on your interests and the seller's, a lot can change in this contract. At the end, we add language to buy a home warranty to cover wear and tear in the first year.
H.O.A. Condominium/Planned Community Addendum
Terms and conditions for transferring ownership when the home is part of a Homeowner's Association.
Loan Status Report
This form is used to detail the type of loan the Buyer will be using to purchase the home and the current state of the Buyer's pre-qualification.
Loan Status Update
This a form to be used by the lender during the escrow process to report on the current status of the loan as it moves from application to appraisal to underwriting to final funding.
Inspection Notice and Request for Repairs
This is the form we will deliver at the end of the Inspection Period specifying the repairs to the home we will expect from the seller.