Buyer is reminded to:
- Read the entire contract before signing
- Review Section 4a (SPDS)
- Review the Inspection Paragraph (see Section 6a)
- Confirm ability to obtain insurance during inspection period.
- Apply for a loan
- Get funds in escrow in time to close
- Read the Title Commitment within 5 days of receipt. Section 3c.
- Read the CC&Rs within 5 days of receipt. Section 3c.
- Conduct a Pre-Closing walkthrough
- Advises buyers to obtain information through the Buyers’ Advisory NOTE: When buyer signs the offer, the buyer confirms receipt of the Advisory
What are the Requirements for a valid Contract?
4. Sufficient specificity so that obligations can be ascertained
Verbal contracts are binding but only written contracts are enforceable. All changes to the original agreement must be written down and signed by the parties.
AZ Law (A.R.S. §25-214 (C) states that both husband and wife must sign the real estate contract and all other agreements related to the transfer of real property for the community property to be obligated. If this is impossible, one spouse can execute documents on behalf of the other pursuant to a power of attorney.
ALSO: Both husband and wife should sign the written disproval notice (BINSR) whether they are the buyers or the sellers.
What are the risks associated with the property section?
- Failure to join or bind all property owners resulting in the inability to transfer property
- Failure to properly identify the property
- Failure to provide sufficient time for close of escrow
- Failure to include all required addenda
- Failure to include or exclude personal property