Selling real property is a complex process. The Chubaty Law Firm, PLLC can provide guidance regarding regarding the process, including legal requirements, disclosures and documents needed to transfer property in Arizona. The first legal requirement is that an agreement to sell real estate must meet the Arizona Statute of Frauds, A.R.S. § 44-101. This means that contracts for transferring an interest in real property must be in writing in order to be enforceable.
A purchase and sale contract sets forth the following:
- specific details of the purchase agreement: parties, property, legal description, price, earnest money, close of escrow and much more
- deadlines for actions of both parties
- rights of both parties from offer through to closing
- obligations of both parties from offer through to closing
- form of title to be transferred: quit claim, special warranty deed, general warranty deed
- date of possession
- stipulation as to what (if any) personal property is included
- remedies for default of either party
Also note that there are also some specific seller disclosures that sellers are required by Arizona statute:
1. Lead-based paint
2. Swimming pool barrier
3. Planned community/condominium
4. Notice of soil remediation
5. Disclosure affidavit- if in unincorporated area
6. Military airport
7. Public airport information
8. Subdivision disclosures/pubic reports
9. Dangerous drug lab disclosure
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