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Buyers Advisory

The Buyers Advisory is recommended reading for all potential buyers. This document is designed to make the purchase of real property as smooth as possible. Some of the more common issues that a buyer may decide to investigate, and/or verify, prior to a property purchase are summarized in this advisory. Included in this valuable document: (1) common documents a buyer should review; (2) a properties physical conditions that should be investigated; (3) and conditions affecting the surrounding area that the buyer should investigate.

Take a look at this document. I'm confident you will find it to be a valuable resource. This is required reading for all my clients!

Buyers Advisory
Arizona Department of Real Estate Buyer Advisory

Buyers Inspection and Sellers Response

In a residential resale, the buyer has X number of days to perform an inspection on the property they have under contract. At the buyers expense, the buyer is allowed, and advised, to bring in inspectors. It is also during the buyers inspection period that the buyer is encouraged to further research any other concerns they might have such as safety, public education, traffic, environmental etc. After X number of days, the buyer submits this form back to the seller.

Buyers Inspection and Sellers Response

Residential Purchase Contract

The Residential Purchase Contract consists of 9 sections.

(1) Property. The first section of the contract identifies the some of the highlights of the purchase offer including the property, buyer, seller, purchase offer, close of escrow date.

(2) Financing. This section addresses the type of loan, appraisals, and title and escrow fees.

(3) Title and Escrow. This section speaks to the title and escrow company that will handle the transaction.

(4) Disclosures. Here the sellers property disclosures, sellers insurance cliams, and lead based paint are addressed.

(5) Warranties. Seller warranties, warranties that survive the closing and buyer warranties are expressed in this section.

(6) Due Diligence. Buyer inspections, square footage, insect inspections, flood insurance, home owners insurance, sewer/waste water treatment, swimming pool barrier, inspection period, home warranty plan, and the walk-thru are spelled out.

(7) Remedies. The contract defines what happens when one of the parties breaches the contract.

(8) Additional Terms. This section allows your agent to spell out any additional terms that are not already addressed in the contract. This section also defines a variety of terms used in the contract, terms of acceptance and the broker representing the buyer.

(9) Seller Acceptance. This last section is where the seller agrees to the terms of the contract!

Arizona Residential Purchase Contract

Loan Status Report

Every contract for purchase must be accompanied by a Loan Status Report (LSR). The LSR is a document completed by a lender who has pre-qualified the buyer to purchase a property up to a certain amount.

For the buyer, this is an opportunity to understand all the financial programs available to them prior to finding a property. The buyer is empowered while shopping for a home as they know exactly what they can afford.

For the seller, the LSR provides the seller some comfort knowing the buyer has already communicated with a lender and that the buyer is qualified to purchase the property.

Loan Status Report

Sellers Property Disclosure

The seller is lawfully and contractually obligated to disclose any and all property features and defects associated with the property they have listed for sale.

Arizona Sellers Property Disclosure

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