Arizona For Sale By Owner Contract Preparation Service

by Jeana Morrissey, Arizona real estate attorney

KEYTLaw, LLC, an Arizona law firm whose attorneys practice Arizona residential real estate law, offers the following fixed fee comprehensive residential purchase and sale contract preparation services for sellers and buyers:

• Contract preparation service: For $847 Arizona real estate attorney and former Arizona real estate agent Jeana Morrissey will prepare all of the following custom drafted documents:

• Residential Purchase/Sale Agreement – drafted to favor our client as buyer or seller

• Escrow Instructions

• Special Warranty Deed to convey the property

• Foreign Investment in Real Property Act Affidavit

• Affidavit of Legal Value

• For an additional $250, Jeana will also prepare a custom drafted Promissory Note and Deed of Trust if the buyer does not pay the purchase price in full at closing and all or a portion of the purchase price will be owed to the seller after the sale. The Promissory Note evidences the buyer’s debt to the seller and contains the payment terms. The Deed of Trust will be recorded on the sale. It creates a lien on the property sold and can be foreclosed if the buyer defaults under the Promissory Note. The purchase agreement will provide for an escrow with a local escrow company and title insurance for the buyer on closing.

• For no additional charge, Jeana will also give youa Seller’s Property Disclosure Statement – to be completed by the seller and given to the buyer (Arizona law requires a seller of Arizona real estate to disclose to the buyer all material facts concerning the property).

• Commitment for Title Insurance and Owner’s Title Insurance: No charge for arranging for these items in the escrow. Our contract provides that the escrow agent will arrange for the buyer to obtain: (i) a commitment for title insurance shortly after opening escrow, and (ii) title insurance on the home at close of escrow. No buyer of an Arizona home should ever buy the property without getting title insurance that insures the buyer’s interest in the property for the amount of the purchase price. The cost of owner’s title insurance is usually paid by the seller, but the seller may negotiate for the buyer to pay the cost of the owner’s title insurance. For more information about title insurance, see Title Insurance Articles.

• Lender’s Title Insurance: No charge for arranging for this item in the escrow. If the buyer will owe the seller money after closing, my contract provides that the escrow agent will arrange for the seller (the lender) to obtain a policy of lender’s title insurance in the amount of a carryback Promissory Note that insures that the Deed of Trust is a validly recorded lien on the home in first position, second position or whatever lien priority position is required by the contract. The cost of lender’s title insurance is usually paid by the buyer, but the buyer may negotiate for the seller to pay the cost of the lender’s title insurance.

• Special two business day expedited preparation of the documents service: $249. Normal preparation time is one week depending on how busy we are at the time we receive your order.

• Title insurance commitment review for buyers only: $375 to review the commitment for title insurance (including title exceptions such as Conditions, Covenants & Restrictions), preparation of a letter to the buyer explaining the document and preparation of a letter to the seller objecting to any title problems (if necessary and requested by the buyer).

For more information about the documents listed above that are commonly used in Arizona residential purchase and sale transactions, see my article called “Documents Commonly Used in the Sale of Arizona Homes.”

How to Hire Arizona Attorney Jeana Morrissey to Prepare Your Home Purchase or Sale Contract

To hire Jeana Morrissey, Phoenix & Scottsdale area real estate lawyer, to prepare a FSBO contract and related documents for the purchase or sale, you must complete and sign the:

• Arizona Residential Purchase & Sale Contract Preparation Service – This is Jeana’s engagement agreement.  Save it to your computer then open it on your computer.  Complete the form, print and sign it then send it to Jeana at the address on the last page.

• Arizona Residential Purchase & Sale Contract Questionnaire – The Questionnaire asks for the information we need to prepare your documents. You may not know the answers to some of questions, but answer the Questionnaire as best you can. Fax the completed Questionnaire to 602-297-6890 or email it to jrm@keytlaw.com.