Section 1.e Lines 32-35
Discussion: The contract defaults to a possession date equal to the close of escrow. Most company policy is to avoid pre and post possession agreements whenever possible. Why?
If you must have either pre or post possession get the terms in writing. Always use the Company approved pre or post possession agreement—DO NOT DRAFT YOUR OWN.
Parties are recommended to seek appropriate counsel about potential risks from these professionals:
Section 1.f Lines 36-38
Regardless of whose responsibility it is to complete and/or supply the addenda specified in section 1.f—as the Buyer’s agent you must indicate all of the Addenda as appropriate to the transaction. If you don’t you cannot issue cure for these items and you lose rights and protections for your client.
Your buyer is relocating from Tennessee where his house is currently on the market with Keller Williams. You are making an offer for a property in Gold Canyon. The home was built in 1975 and sits on 1.25 acres. The house was originally built with a septic but when Fulton homes built down the road and brought in utilities the seller had the property hooked to the sewer. The heirs of the property own the property free and clear and are willing to owner finance $100,000.00. What are the required addenda?
Section 1.g Lines 30-53
What is—and—what is not a fixture is perhaps one of the easiest areas of the contract to have a misunderstanding between the Buyer and the Seller.
The contract requires that all existing property included in the sale will be conveyed in substantially the same condition as on the date of contract acceptance.
As was previously the case, Section 1g titled Fixtures and Personal Property addresses outdoor landscaping. However, a change has been made to the specific language. What does the change entail?
Lines 49 and 50 under Fixtures and Personal Property make reference to “garage door openers and remote controls.” If Seller has lost the garage door openers, is Seller required to obtain new ones and convey them to Buyer at close of escrow?
Line 65 requires Seller to deliver to Buyer a notice of all leased items within three days after contract acceptance. How does Seller comply with this requirement?
Arizona uses a three-part test for determining when personal property has become a fixture?
What is required for personal property or fixtures to be conveyed in a transaction?
In the event of an all cash sale, what’s changed in the Purchase Contract?