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 focuses on the top of page 4 which covers Disclosures - what needs to be disclosed, and the required timing of the disclosures.
Several observations about this section.
Lines 139-141 - The SPDS is a key document that must be completed by the Seller(s) - not the Listing Agent. Depending on what it contains, it could derail a deal if the Buyer is uncomfortable with what they read there. There will be a future post that is devoted to the SPDS. For now, our recommendation is that it's best to have the SPDS available for prospective Buyer review in advance of contract. Why enter into a contract and then have it fail for reasons that, if known ahead of the contract, would have precluded the contract and saved time and money for the Seller and the Buyer?
Lines 142-147 - This section can be summed up as "the C.L.U.E. report". Sellers can obtain one for free. More on this in a future post. Again, it's required by contract, and may impact a prospective Buyer's decision to enter into contract, so why not have this available prior to entering into a contract?
Lines 148-163 - Lead Based Paint. If the premises were built prior to 1978 
(1977 or earlier) another form is required to be attached to the contract that goes into more detail about this topic. If not, check the appropriate boxes, initial, and move on to the next section.
Lines 164-167 - Self explanatory.
Lines 168-171 - A reminder that if something happens that makes previous disclosures "out of date", the Seller is obligated to update the disclosure(s) and provide the update(s) to the Buyer.
The first six 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
Write It Right The First Time - Or It May Result In Failure! - Part 3
Write It Right The First Time - Or It May Result In Failure! - Part 4
Write It Right The First Time - Or It May Result In Failure! - Part 5
Write It Right The First Time - Or It May Result In Failure! - Part 6
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 8
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