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! - Part 3

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.

 

The first two 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

 

This post focuses on the center section of the first page of the AAR contract, which specifies the intended Close of Escrow date, when the Buyer can take possession of the property, and an area for indicating what Addenda are attached to the Purchase Contract as part of the offer.

 


 

Lines 15-22 Several factors need to be considered when selecting a Close of Escrow (COE) date.

 

It needs to be feasible for the Buyer to have the "Cash" and/or "Funding from their Lender" in place in time to close on that date.  Buyers should consult with their Lender about a reasonable date.

 

It needs to be feasible for the Seller to make arrangements to vacate the premises in time to deliver possession to the Buyer on that date.

 

It should never be scheduled for a Friday, in my humble opinion, as a last minute delay on a Friday could result in the closing being delayed until the following Tuesday due to the weekend and perhaps a holiday on the Monday.

 

Lines 23-26 Possession 

 

The standard recommendation is that the Buyer takes possession at COE.  

 

To allow the Buyer to take possession prior to COE "Pre-Possession" is fraught with risks to the Seller.

 

What if the house burns down - how will the Buyer close?

 

What if there is an accident on the premises - who is liable?

 

To allow the Seller to remain in the property after COE "Post-Possession" is fraught with similar risks to the Buyer.

 

The statement on lines 25 & 26 is something that both the Seller and the Buyer need to heed!

 

Lines 27-29 Addenda Incorporated

 

If any of the AAR Addenda are being attached as part of the offer, the appropriate checkbox(es) MUST be checked - or there could be a dispute about whether such addenda are part of an accepted offer.

 

If any other Addendum or Document which are not AAR Addenda is/are being attached as part of the offer, it/they should be clearly identified on Line 29.  If there is insufficient space on Line 29, there is room elsewhere in the contract to add this information - more on that in a future post.

 

 

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 4

 

 

 

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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

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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