Arizona Residential Purchase and Sale Agreement

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Arizona Residential Purchase and Sale Agreement

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Last updated August 12th, 2022

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The Arizona residential purchase and sale agreement is a written arrangement detailing the terms and conditions to which the buyer and seller of a real estate transaction must comply. Typically, a real estate agent will work with the buyer to complete the agreement and come up with a purchase price to include in the contract.

Both parties have to agree on the price before the purchase agreement is signed. Furthermore, terms such as earnest money, escrow company, down payment, financing, warranties and contingencies, and the closing date will be outlined in the contract. It is the buyer’s duty to perform any inspections on the property, and if they find any issues, they may have the right to terminate the contract.

Required Disclosures (8)

  1. Comprehensive Loss Underwriting Exchange
  2. Homeowner’s Association Addendum
  3. Lead-Based Paint
  4. Military Airport Disclosure
  5. Property Disclosure Statement
  6. Soil Remediation
  7. Swimming Pool Disclosure
  8. Unincorporated Area

1) Comprehensive Loss Underwriting Exchange (CLUE)

The seller must complete an insurance claims report which includes details on any claims made on the property, the insurance companies and policies involved, and amounts paid because of any losses within the past five (5) years. This report can be completed online using the LexisNexis portal.

2) Homeowner’s Association (HOA) Addendum

This document need only be completed and provided to a buyer if the seller is transferring real property that is defined as a condominium in § 33-1202(10) or located in a planned community under § 33-1802(4). The addendum discloses pertinent condo or planned community information to the buyer and must be delivered prior to entering into a purchase agreement.

3) Lead-Based Paint

All sellers transferring property that was built prior to 1978 must disclose to buyer the possibility of lead-based paint exposure on the premises.

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4) Military Airport Disclosure

Sellers must provide written disclosure to buyers of residential property if the property being sold is located in the vicinity of a military airport or ancillary military facility.

5) Property Disclosure Statement

A seller must disclose any material defects or issues that may negatively affect the property’s value; i.e., information about the property’s condition that the seller already knows about.

6) Soil Remediation

If the property being sold has been subject to soil remediation, and the seller has knowledge of this information, they are obligated to notify the buyer in writing prior to transferring ownership.

7) Swimming Pool Disclosure

An individual selling property with a swimming pool must give the buyer this Arizona Department of Health Services notice that outlines safety education and responsibilities of pool ownership.

8) Unincorporated Area

When property is sold in an unincorporated area (i.e., not governed by a local municipal corporation, such as a city, county, town, etc.), the seller must provide this affidavit and disclosure form to the buyer at least seven (7) days before the transfer. This document serves to inform the buyer of certain aspects of the property including property access, water supply, zoning information, and proximity to military airfields.