The Arizona purchase agreement is carried out during the indefinite exchange of possession regarding a real estate property for a monetary value that occurs between the owner and the individual purchasing the residence. Specific information and disclosures must be recorded within the instrument to ensure the document is valid. Such information would include the identification of the buyer & seller, details regarding the property being purchased, and the type of financing that will be used in the transaction. Typically, the buyer will have to present funds for an earnest money deposit that basically works as a confirmation for the contract.
Condominium/Planned Community (§ 33-1806 & § 33-1260) – For developments that consist of less than fifty (50) units, the owner of a dwelling is responsible to furnish the buyer with paperwork regarding the building’s protocol, as well as any essential contact information. If the project contains fifty (50) units or more, the homeowners association is required to disclose the necessary information. (This must be delivered to the buyer within ten (10) days following the receipt of written notice of a pending sale.)
Lead-Based Paint (42 U.S. Code § 4852d) – This is a mandatory disclosure that must be presented to all prospective buyers for residential properties that were constructed prior to 1978.
Material Facts (151 Ariz. 81, 725 P.2d 1115 (Ct. App. 1986)) – According to the court case “Hill v. Jones”, all known material facts pertaining to the property must be disclosed prior to the execution of the contract. The Arizona Association of Realtors offers an SPDS (Seller’s Property Disclosure Statement) sample form which is linked in the disclosure’s title above.
Military Airport (§ 28-8484) – All real estate contracts pertaining to the sale of residential properties that are located within close proximity to a military air station must come equipped with a statement disclosing this information.
Soil Remediation (§ 33-434.01 & § 49-701.02) – Related to the contamination of dirt, sellers must give written notice to the buyer if the soil contained within the boundaries of the property does not fit the soil remediation standards for residential use. (An example of this would be the disposal of excavated soils on to the property.)
Swimming Pool (§ 36-1681(E)) – If a residential property contains a swimming pool, the seller is required to include a disclosure within the content of the purchase agreement that describes the duties associated with owning a pool, along with educational information that meets the Department of Health Services’ standards.
Unincorporated Areas (§ 33-422) – Individuals who are selling 5 or fewer parcels of land that are contained within an “unincorporated area” must supply the purchaser with an affidavit of disclosure within a minimum of seven (7) days prior to the exchange of property.
Arizona Association of Realtors – Adobe PDF (sample form)