Download Arizona Purchase Agreement Form [PDF]

The Arizona purchase agreement is a legal document used for buying or selling property in Arizona. The Arizona purchase agreement does not include a transfer of rights but rather outlines the terms and conditions of the sale or purchase.

The main elements included in the Arizona purchase agreement are the purchase price, the buyer’s financing details, the sale agreement’s closing date, and any information related to damages and faults that the property has.

You can use the Arizona purchase agreement to transfer property that has a purchase price above $500 or for more complex transactions where you have to provide many terms and conditions.

Arizona Purchase and Sale Agreement Form

The Arizona purchase agreement form is mostly used for real estate transactions. However, you can use it to transfer a motor vehicle, business, stocks, firearms, and more.

The Arizona purchase agreement is also known as the Arizona sale and purchase agreement or the Arizona sale and purchase contract. However, all these terms refer to one document that provides the terms and conditions for the property transfer in Arizona.

Purchase Agreement Arizona Laws & Requirements

The Arizona legislation doesn’t provide any legal requirements for the purchase agreement form. However, there are quite a few disclosures that should be included in your Arizona purchase agreement template.

Purchase Agreement Required Disclosures in Arizona

You must include the following disclosures in your Arizona purchase and sale agreement to make it valid and effective:

Mandatory Disclosures

Lead-Based Paint Disclosure. Federal law requires all sellers to provide information about the lead-based paint hazard to the buyer. This is a requirement for any property constructed before 1978 or for any property where there is a known lead-based paint hazard.
Condominium Disclosure. If you are selling a unit within a condominium, a planned community, or a homeowner’s association, you should provide the purchaser with the documents and statements provided in § 33-1260.
Property Disclosure Statement. The seller must disclose the relevant information about the property. The Arizona Association of Realtors provides a Property disclosure statement template.
Comprehensive Loss Underwriting Exchange (CLUE). The seller must provide the buyer with a report showing all the insurance claims filed on the property in the last five years. The seller can obtain this report online through the LexisNexis portal.
Soil Remediation Disclosure. The seller must notify the buyer if the property has been subject to soil remediation. (§ 33-434.01)
Swimming Pool Disclosure. If the transferred property has a pool, the seller must provide the Department of Health Services notice to the buyer. (§ 36-1681)
Unincorporated Area Disclosure. If the property is located on unincorporated land, the seller must provide the buyer with a written affidavit of disclosure. (§ 33-422)

Common Types of Purchase Agreements in Arizona

In this section, you can see the most commonly used purchase agreement types in Arizona.

Types of Purchase Agreements

Residential real estate purchase agreement. Used when transferring residential objects like apartments or houses.
Commercial real estate purchase agreement. Used when transferring objects like manufacturing facilities, warehouses, office spaces, and more.
Vehicle purchase agreement. Known as the motor vehicle bill of sale. Used for outlining the terms of transferring a motor vehicle.
Business purchase agreement. Used to provide terms for transferring a company from the seller to the buyer.
Land purchase agreement. You can use it to provide terms for selling and purchasing agricultural, residential, commercial, or other kinds of land in Arizona.
Stock purchase agreement. This type of purchase agreement is used for selling stocks and shares in companies.

Purchase Agreement in Arizona FAQ

Yes, the Arizona purchase agreement is a legally binding document. It becomes legally binding the moment both parties have signed it.
Yes, the purchase price is one of the essential elements of the Arizona purchase agreement.
No, considering that you are not transferring any legal rights with the Arizona purchase agreement, you don’t have to notarize it.
The seller can back out without consequences only if the buyer hasn’t met the contingencies provided in the Arizona purchase agreement.