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For Sale by OwnerArizona 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:
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Contract preparation service: For $847
Arizona real estate attorney
Jeana Morrissey will prepare all of the following custom drafted documents: (1)
Residential Purchase/Sale Agreement
(drafted to favor our client as buyer or seller), (2)
Special Warranty Deed to convey the
property, (4) Foreign Investment in Real
Property Act Affidavit, and (5) an
Affidavit of Legal Value. For an additional $250, 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 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).
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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 Morrissey to Prepare Your Home Purchase or Sale Contract
To hire
Jeana Morrissey, 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 602-798-7682 or email it to
jrm@keytlaw.com.
How to Contact Arizona Real Estate Attorney Jeana Morrissey
For a free telephone consultation about preparing
your AZ FSBO documents, call Arizona real estate attorney
Jeana Morrissey at 602-906-4953, ext. 4 or send an email message to her at
jrm@keytlaw.com. |
For a free telephone consultation about preparing
your AZ FSBO documents, call Arizona real estate attorney
Jeana Morrissey at 602-906-4953, ext. 4. To hire Arizona real estate attorney
Jeana Morrissey to prepare a contract to buy
or sell an Arizona home, complete our online
Arizona Residential Purchase & Sale Contract Preparation
Agreement.
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