The Anatomy of the Arizona Purchase Contract

The cover page is the first page of the Arizona Purchase Contract and it is a page that is packed with great information for the buyer.

Please reference: Cover Page – Arizona Contract

Here are the highlights of the cover page:

1. When you make an offer and it’s been executed (signed and accepted by the Seller) you’re entering into a legally binding agreement with the seller, so be sure to read the entire contract and ask questions about anything you don’t understand.

2. The Seller’s Property Disclosure Statement is a document that gives information as far as what the seller knows about the property. It is typically delivered to the buyer shortly after contract execution. Look for this document and further explanation in a future post.

3. A home inspection on the property you’re buying is always strongly recommended! A home inspector will check your home thoroughly and recommend additional inspections by qualified technicians in specialized fields, such as mold, roof, pest, etc… if necessary.

4. The ability to purchase home (hazard) insurance is considered part of your inspection of the home and should be done during the inspection period, which is typically 10 days here in Arizona.

5. You should finalize your loan application with your lender within 5 days of receipt of the executed contract from the Seller. Get all the necessary financial information to your lender, in order to keep the loan approval process flowing!

6. Thoroughly review the title commitment and any other documentation provided to you from your title company.

7. Read all HOA documentation and CCR’s within 5 days of receipt from the HOA.

8. You should always perform a final walkthrough as close to the closing day as possible. You do this in order to make sure the home is in the same condition it was when you made the offer with the exception of repairs, if applicable.

It all seems pretty self explanatory, which is perfect. That’s what the cover page is for. To give you, the Buyer, a road map during your transaction to purchase your new home.