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

By
Real Estate Agent with Haven Express @ Keller Williams Arizona Realty BR534744000 & BR540649000
http://actvra.in/4R5S

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 2015

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 Haven Express @ 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.

Listed, Sold and Closed more than a hundred Short Sales with the highest success rate in the Phoenix Metro Area!

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

HavenExpress.com

Tony and Suzanne Marriott

Associate Brokers, REALTORS
Keller Williams Arizona Realty
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Rainmaker
2,334,507
Tony and Suzanne Marriott, Associate Brokers
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

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

Apr 26, 2016 01:14 AM #22
Rainmaker
2,334,507
Tony and Suzanne Marriott, Associate Brokers
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

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

Apr 26, 2016 01:14 AM #23
Rainmaker
2,334,507
Tony and Suzanne Marriott, Associate Brokers
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

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

Apr 26, 2016 01:15 AM #24
Rainmaker
2,334,507
Tony and Suzanne Marriott, Associate Brokers
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

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

Apr 26, 2016 01:15 AM #25
Rainmaker
2,334,507
Tony and Suzanne Marriott, Associate Brokers
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

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

Apr 26, 2016 01:16 AM #26
Rainmaker
2,334,507
Tony and Suzanne Marriott, Associate Brokers
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

Thanks for stopping by with a comment Richie Alan Naggar  !

Apr 26, 2016 01:17 AM #27
Rainmaker
2,334,507
Tony and Suzanne Marriott, Associate Brokers
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

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

Apr 26, 2016 01:17 AM #28
Rainmaker
1,547,910
Carla Muss-Jacobs, Principal Broker (503) 810-7192
BuyersAgentPortland.com | Portland Metro Exclusive Buyers Agent | 100% Buyer Representation ~ 100% of the Time - Portland, OR
Buyer Focused ~ Buyer Results

#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?  

Apr 26, 2016 03:02 AM #29
Rainmaker
2,330,564
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale - Probate Broker

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!

Apr 26, 2016 08:00 AM #30
Rainmaker
2,334,507
Tony and Suzanne Marriott, Associate Brokers
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

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!

Apr 27, 2016 12:57 AM #31
Rainmaker
2,334,507
Tony and Suzanne Marriott, Associate Brokers
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

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!

Apr 27, 2016 12:58 AM #32
Rainmaker
470,326
Karen Feltman
Cedar Rapids/Iowa City, IA Lepic-Kroeger REALTORS - Cedar Rapids, IA
Relocation Specialist

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

Apr 27, 2016 03:10 AM #33
Rainmaker
306,980
Mike Wong
Keller Williams Realty Southwest - Sugar Land, TX
Realtor: Commercial, Residential, Leasing, Invest

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

Apr 27, 2016 07:34 AM #34
Rainmaker
2,334,507
Tony and Suzanne Marriott, Associate Brokers
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

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

Apr 29, 2016 11:22 PM #35
Rainmaker
2,334,507
Tony and Suzanne Marriott, Associate Brokers
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

Thanks for your comment Mike Wong !

Apr 29, 2016 11:22 PM #36
Ambassador
3,594,597
Patricia Kennedy
Evers & Company Real Estate, Inc. - Washington, DC
For Your Home in the Capital

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

May 01, 2016 04:16 AM #37
Rainmaker
2,334,507
Tony and Suzanne Marriott, Associate Brokers
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

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

May 02, 2016 12:40 AM #38
Rainmaker
704,483
Wayne Johnson
Coldwell Banker D'Ann Harper REALTORS® - San Antonio, TX
San Antonio REALTOR, San Antonio Homes For Sale

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

May 03, 2016 11:21 AM #39
Rainmaker
2,334,507
Tony and Suzanne Marriott, Associate Brokers
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

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

May 06, 2016 01:21 AM #40
Rainmaker
2,334,507
Tony and Suzanne Marriott, Associate Brokers
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

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!

May 06, 2016 01:21 AM #41
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