Introduction:

A real estate contract is a legally binding agreement between a buyer and seller of real property. It outlines the terms of the sale, such as the purchase price, the closing date, and the conditions that must be met for the sale to go through.

Here are some of the key things to know about real estate contracts in Arizona:

• Real estate contracts must be in writing and signed by both parties.
• The contract must include the following information:
  • The names of the buyer and seller
  • The property being sold
  • The purchase price
  • The closing date
  • The conditions that must be met for the sale to go through
• The contract may also include other terms, such as a financing contingency or an inspection contingency.
• If the buyer or seller breaches the contract, the other party may be able to sue for damages.

Conclusion:

Real estate contracts are important legal documents that should be carefully reviewed by both parties before they are signed. If you are buying or selling real property in Arizona, it is important to speak to an attorney to ensure that you understand the terms of the contract and your rights and obligations under the law.

Citations:

• Arizona Revised Statutes, Title 33, Chapter 43, Real Property Transactions.
• Arizona Department of Real Estate, Real Estate Contracts.
• National Association of Realtors, The Guide to Real Estate Contracts.
• American Bar Association, Real Estate Contracts.

https://azre.gov

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