There are multiple ways for Arizonans to purchase real estate. Typically, potential buyers work with a real estate agent to find a home and, once that is accomplished, to help them with the purchase agreement. Others, though, decide to purchase real estate directly from a homeowner without the intervention of a real estate agent. In either case, it may be best for those considering purchasing real estate to consult with an experienced attorney, as failing to do so could result in unwanted consequences and, potentially, litigation.
The home sale contract is a complicated thing. There are many aspects to it that must be adhered to in order to ensure a successful transaction. On a basic level, parties to the agreement should make sure that the transaction is in writing, all parties involved are listed, the property is accurately and legally described, the purchase price is listed, and all parties sign the document.
However, there are usually additional elements that buyers and sellers want present in the home sale contract to ensure they are getting a fair deal. These elements may include a clear title guarantee, a list of the escrow agent, contingency clauses related to any damage found or financing issues (amongst other issues), and an inspection clause.
This is only a sampling of the complexities of the home sales contract, and those considering entering into such an agreement should consider speaking with an experienced real estate attorney. Those contemplating a for sale by owner transaction should heed extra caution because they will not have the helping hand of an experienced real estate agent. In these instances, an attorney can help buyers and sellers draft a sale contract that supports all parties' best interests and closes the transaction as intended.
Source: FindLaw.com, "Home Sale Contracts," accessed on Aug. 10, 2014