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You are here: Home  Arizona Law  Arizona LLC Library  Arizona For Sale by Owner

Arizona For Sale by Owner Contract Preparation Service

by Jeana Webster, 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:

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Contract preparation service:  For $750 Arizona real estate attorney Jeana Webster will prepare all of the following custom drafted documents:  (1) Residential Purchase/Sale Agreement (drafted to favor our client as buyer or seller), (2) Escrow Instructions, (3) Special Warranty Deed to convey the property, (4) Foreign Investment in Real Property Act Affidavit, and (5) an Affidavit of Legal Value.  For no additional fee, we 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 you the following pre-printed form documents: (1) a 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), (2) a Lead Based Paint Disclosure (only if we are told that the home was built before 1978), (3) a Residential Pool Safety Notice (only if we are told that the home has a pool), (4) a document entitled “For Your Protection: Get a Home Inspection,” (5) Homeowners’ Association Disclosure Statement (only if the home is subject to an HOA), and (6) Report of Inspection and Notice of Transfer of Ownership (for property with a septic tank).

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Escrow:  No charge for preparing the escrow instructions.  Every Arizona home sale should use an escrow with an Arizona licensed escrow company.  The escrow agent's fees are usually paid equally by the parties, but one party may negotiate for the other party to pay all of the escrow agents fees.  For more information about escrows, see What Happens In Escrow.

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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.

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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.

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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.

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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 Webster to Prepare Your Home Purchase or Sale Contract

To hire Jeana Webster, Arizona real estate attorney, to prepare a FSBO contract and related documents for the purchase or sale, you must:

Complete and sign the Arizona Residential Purchase & Sale Contract Questionnaire and get it to us.  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 jrw@keytlaw.com.

How to Contact Arizona Real Estate Attorney Jeana Webster

For a free telephone consultation about preparing your AZ FSBO documents, call Arizona real estate attorney Jeana Webster at 602-906-4953, ext. 107 or send an email message to her at jrw@keytlaw.com.

For a free telephone consultation about preparing your AZ FSBO documents, call Arizona real estate attorney Jeana Webster at 602-906-4953, ext. 107.

To hire Arizona real estate attorney Jeana Webster to prepare a contract to buy or sell an Arizona home, complete our online Arizona Residential Purchase & Sale Contract Preparation Agreement.

 

This page was last modified on May 11, 2008.

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