Tony and Suzanne Marriott's Phoenix Arizona Real Estate Blog

head_left_image

Write It Right The First Time - Or It May Result In Failure! - Part 11

The "standard" Residential Resale Real Estate Purchase Contract used in Arizona and provided by the Arizona Association of REALTORS® (AAR) is a document that both Buyers and Sellers should familiarize themselves with prior to the time where they are signing off on it.

 

A complete sample copy is publicly available on the AAR website at this link.

 

This post focuses on the bottom of page 7, all of page 8 and the top of page 9 which covers "Additional Terms and Conditions", identifies the Buyer's Agent and Broker, and is where the Buyer will sign the offer.

 



 

 

Lines 311-340.  A landmine waiting to explode!  This is where the Buyer's Agent can write in clauses that may "confuse" the issue.  Our advice, if you are going to put anything in this section, review it with your Broker BEFORE having your Buyer sign it so there is no doubt that it reflects the intent of your Buyer AND does not conflict with other sections of the contract, potentially making things "murky".  

And - remember this is a contract between a Buyer and a Seller - not between a Buyer Agent and Listing Broker - so this is not an opportunity to "increase your commission"!

 

Lines 341-378 Self Explanatory

 

Line 379 - Earnest Money - Personal Check or ??  Most common alternative is "wire transfer".

 

Lines 380-381 Most common selection is "Escrow Company"

 

Lines 381-383 Buyer - READ CAREFULLY!!

 

Line 391-395 The date and time by which the Buyer requests that the Seller have responded to their offer.  It's not unusual for the Listing Agent to specify the Seller determined response "protocol" - such as 2 business days - and if a Buyer requests a response in a shorter time period - the Seller can "fix" the timeline in a counter offer - however - the Buyer is not obligated to proceed if their offer has expired...

 

 

Line 396-409 A simple "fill in the blanks" section - yet - more often than not, Buyers fail to complete Lines 408-409!!

 

 

The first ten posts in this series are available at the following links:

 

Write It Right The First Time - Or It May Result In Failure! 

 

Write It Right The First Time - Or It May Result In Failure! - Part 2

 

Write It Right The First Time - Or It May Result In Failure! - Part 3

 

Write It Right The First Time - Or It May Result In Failure! - Part 4

 

Write It Right The First Time - Or It May Result In Failure! - Part 5

 

Write It Right The First Time - Or It May Result In Failure! - Part 6

 

Write It Right The First Time - Or It May Result In Failure! - Part 7

 

Write It Right The First Time - Or It May Result In Failure! - Part 8

 

Write It Right The First Time - Or It May Result In Failure! - Part 9

 

Write It Right The First Time - Or It May Result In Failure! - Part 10

 

 

To read the next post in this series, click the link below, as we delve into the contract itself:

 

Write It Right The First Time - Or It May Result In Failure! - Part 12

 

 

 

 

 

 

-----------------------------------------------------------------------------------------------------------------------------------------------------------------

 

Click the button below to Subscribe to our Scottsdale Arizona Real Estate blog!

 

 

 

All images purchased and  licensed from Shutterstock , shared from YouTube, sourced from Vectortoons, or were taken by the author unless otherwise noted.

About the Authors - Updated 2018

If you are considering a Traditional or Short Sale of your home in Phoenix, Scottsdale or any location in Maricopa County Arizona, you owe it to yourself to talk with the BVO Luxury Group @ Keller Williams Arizona Realty to determine whether Tony and Suzanne Marriott are the best real estate Brokers in the Phoenix and Scottsdale metropolitan area to help you with the Successful Sale of your home.

Tony and Suzanne have personally Listed, Sold and Closed more than a hundred Short Sales with the highest list to close rate in the Phoenix Metro Area!

Tony Marriott - Chief Operating Officer - BVO Luxury Group @ Keller Williams Arizona Realty

Suzanne Marriott - Chief Learning Officer - BVO Luxury Group @ Keller Williams Arizona Realty

Associate Brokers, REALTORS
BVO Luxury Group
Keller Williams Arizona Realty
Write It Right The First Time - Or It May Result In Failure! - Part 11
share
The "standard" Residential Resale Real Estate Purchase Contract used in Arizona and provided by the Arizona Association of REALTORS® (AAR) is a document that both Buyers and Sellers should familiarize themselves with prior to the time… more
Write It Right The First Time - Or It May Result In Failure! - Part 10
share
The "standard" Residential Resale Real Estate Purchase Contract used in Arizona and provided by the Arizona Association of REALTORS® (AAR) is a document that both Buyers and Sellers should familiarize themselves with prior to the time… more