Tony and Suzanne Marriott's Phoenix Arizona Real Estate Blog

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

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 is focused on the cover page - for the benefit of the buyers - and is NOT part of the Purchase Contract.

 

 

 

It's a reminder to Buyers that they are responsible for many things AFTER a Seller enters into contract with them.

 

Sometimes Buyers mistakenly believe that the activities listed above are somehow the responsibility of the Buyer Agent.

 

They aren't!

 

The Buyers are responsible for the selection of Lender, Title & Escrow, and all other vendors that they choose to have involved with the transaction.

 

 

The role of the Buyer Agent is to stay focused on what needs to be done by the Buyer, and coach/encourage the Buyer to complete the activities within the time constraints of the contract.

 

 

 

While some Buyer Agents will assist with scheduling inspections on behalf of the Buyer, etc. - that courtesy should not be interpreted as the Buyer Agent becoming responsible for the inspection itself.

 

The Buyer Agent is there to provide advice and counsel to the Buyer, always placing their clients interests ahead of their own, nothing more, nothing less.

 

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 2

 

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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

Comments

Tony and Suzanne, this is a great cover sheet to alert the buyers about what they need to pay attention to.  And you're right.  They should read it and have any attorney reviews done before they sign.

Posted by Patricia Kennedy, Home in the Capital (RLAH Real Estate) almost 3 years ago

Tony and Suzanne, common sense would say to read all legal documents but we know it doesn't always happen, great advice to all buyers as well as Realtors.

Posted by Beth Atalay, Cam Realty of Clermont FL (Cam Realty and Property Management) almost 3 years ago

I get the impression with many buyers that they think the work is over, once they've found a home.  Mentally they check-out.  Many are just plain emotionally tired, Tony and Suzanne Marriott, Associate Brokers.  But it's a luxury they can ill afford to allow themselves.   

Signing the above is a commitment .. both finally and mentally.   Your document serves as an alert ...  there's much to do ... and time limitations with which to accomplish them.  Until the ink is drying on the Closing docs ... they need to be fully invested and totally focused on their transaction and financing process.  

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) almost 3 years ago

Thanks Patricia Kennedy - always good to hear from you - and thanks for the comment!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

Hi Beth Atalay thanks for the comment!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

"mentally they check-out"  Absolutley agree Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi    Once the contract is signed, that's when the hard work really begins!  Thanks for the comment! 

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

I agree with Patricia Kennedy 's comment and buyers should read it and have their attorney review with them. Often I hear agents say that their clients sign wherever they are told to and they should realize that they aren't doing their duty by letting them do that without reading the contract.

Posted by Susan Laxson CRS, Local Knowledge & Global Network (HomeSmart Professionals) almost 3 years ago

I like this.  GAR has a "before you buy" document that's good, but not a "after you enter agreement", I really like it.

Posted by Tammy Lankford,, Broker GA Lake Sinclair/Eatonton/Milledgeville (Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668) almost 3 years ago

This page is critical to buyers here in Arizona. I absolutely make sure they thoroughly go over it!

Posted by Nicole Doty - Gilbert Real Estate Expert, Broker/Owner of Zion Realty ZionRealtyAZ.com (Zion Realty) almost 3 years ago

I send all my clients a sample contract the day they hire me. I instruct my clients to read all I deliver, that I'll point out red flags and mention or question points to be sure they understand, but that once they sign, I assume they read and understood the contract. It's their house and therefore they need to turn off the TV, set the phone aside and just, OMG, concentrate & read the contract!

Posted by Thomas J. Nelson, Realtor, ePRO, CRS, RCS-D, & Host of Postcards From Success Podcast (Big Block Realty 858.232.8722) almost 3 years ago

Great points to call to the buyers' attention- too often they blindly trust us and do not take responsibility for their actions

Posted by Lise Howe, Assoc. Broker and Attorney Licensed in DC, MD, VA, (Keller Williams Capital Properties) almost 3 years ago

I love the check list. Thank you for sharing. I hope they will read it.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) almost 3 years ago

Great informaton!!! Thanks!!!

Some Buyer Agents will assist with scheduling inspections on behalf of the Buyer, etc. - that courtesy should not be interpreted as the Buyer Agent becoming responsible for the inspection itself.

The Buyer Agent is there to provide advice and counsel to the Buyer, always placing their clients interests ahead of their own, nothing more, nothing less.

Posted by Sham Reddy, CRS (H E R Realty, Dayton, OH) almost 3 years ago

Great checklist, and it's fabulous that AAR provides this as a part of their standard document. 

Posted by Becca Rasmussen (HomeSmart Cherry Creek) almost 3 years ago

Tony & Suzanne, This is a great cover letter. People rush through the contracts. Although my buyer's agents do a buyers consult prior to showing homes, they don't remember everything. For example, we have a due diligence fee that is non-refundable when you go into a contract. You can tell people 10 times about this fee and some people forget the "non-refundable" part. We usually write it on the sample of the contract at the same time we're telling them with hopes that will help them remember. Maybe a little cheat sheet like this would help!

Posted by Carla Freund, Raleigh - Cary Triangle Real Estate 919-602-8489 (Keller Williams Preferred Realty) almost 3 years ago

This is great!  I agree with Carla Freund - doesn't matter how many times you say it, they will forget something.  I'm going to incorporate a list like this for my buyers.  I have a to do list for seller when it comes to getting their home prepared to sale, but never really thought about a list for my buyers!  Thanks for sharing.

Posted by Graziella Bruner, Associate Broker - Serving Wayne & Oakland County (NCS Premier Real Estate) almost 3 years ago

I stand with Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi decent commenting thank you

Posted by Richie Alan Naggar, agent & author (people first...then business Ran Right Realty ) almost 3 years ago

It is a great checklist - we always have our Buyers docusign it to confirm it was presented to them Tammy Lankford - and thanks for stopping by with a comment!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

A "best practice" Nicole Doty - Gilbert Real Estate Expert - and thanks for stopping by with a comment!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

Agreed Thomas J. Nelson, Realtor - we do the same - and thanks for stopping by with a comment!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

and therein lies the root of some of the bumps in the road Lise Howe - and thanks for stopping by with a comment!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

We do have them Docusign it Gita Bantwal to document that we presented it to them - and thanks for stopping by with a comment!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

Thanks Sham Reddy - and thanks for stopping by with a comment!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

They do a great job Becca Rasmussen - and thanks for stopping by with a comment!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

Interesting about the "due diligence" fee Carla Freund - we don't have that here in Arizona - and thanks for stopping by with a comment!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

You are most welcome Graziella Bruner - and thanks for stopping by with a comment!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

Thanks for stopping by with a comment Richie Alan Naggar  !

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

Absolutely Susan Laxson - and thanks for stopping by with a comment!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

#8 bugs me a little.  If the property is "unacceptable" during the final walk through.  Seems vague and ambiguous.  Unacceptable needs to be defined.  If the property is unacceptable does that mean the buyer can walk from the deal? Or all they need to do is speak up?  Speak up to whom?   And then, if the buyer doesn't "speak up" . . . it may be too late after closing?  Does that mean they're SOL?  There's nothing in the contract that allows for legal remedies after the deal closes?  Does that #8 waive all rights of the buyer after closing?  

Posted by Carla Muss-Jacobs, RETIRED (RETIRED / State License is Inactive) almost 3 years ago

Buyers do play a big role in the home buying process.  I am the guide and adviser. Last night I spent over 70 minutes going over a purchase contract before having the buyer sign it. We do not use attorneys in CA.  I feel it is my job to ensure my clients understand what they are signing before they sign anything!

Posted by Kathleen Daniels, San Jose Homes for Sale-Probate & Trust Specialist (KD Realty - 408.972.1822) almost 3 years ago

Hi Carla Muss-Jacobs, Principal Broker/Owner - click on the link in the post to the complete sample of the contract and see Section 6m.  That should make things more clear! Thanks for stopping by with a comment - always good to hear from you!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

Absolutely Kathleen Daniels - that's the way it works here too - although the Buyer can always seek legal counsel should they want to.  Thanks for stopping by with a comment!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

This is great information for buyers that have not purchased a home in your state.  Thank you for sharing!

Posted by Karen Feltman, Relocation Specialist in Cedar Rapids, Iowa (Cedar Rapids/Iowa City, IA KW Legacy Group) almost 3 years ago

All of these are great points. I think we should adopt this disclaimer page across all state contracts. 

Posted by Mike Wong, Realtor: Commercial, Residential, Leasing, Invest (Keller Williams Realty Southwest) almost 3 years ago

You are welcome Karen Feltman - thanks for stopping by with a comment!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

Thanks for your comment Mike Wong !

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

Tony & Suzanne, I included this post in today's Last Week's Favorites!

Posted by Patricia Kennedy, Home in the Capital (RLAH Real Estate) almost 3 years ago

Thanks Patricia Kennedy - very much appreciated!  I hope you will continue this weekly post even as you throttle back on blogging!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

Tony and Suzanne-This is a pretty comprehensive list of duties. Buyers who read the attachment should be well equipped to handle the tasks.

Posted by Wayne Johnson, San Antonio REALTOR, San Antonio Homes For Sale (Coldwell Banker D'Ann Harper REALTORS®) almost 3 years ago

Indeed they should Wayne Johnson - thanks for stopping by with a comment!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

Enjoyed this post and want to read more - visit our website  - HavenExpress.com - where all your questions about buying and selling residential real estate in Arizona are addressed!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

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