Purchase Agreement and Closing Attorney in Phoenix, AZ

Yes. Arizona doesn't require an attorney, and most home sales use the Arizona REALTORS® Residential Resale Real Estate Purchase Contract. The form is well written, but it's only as good as how it's filled in and what you add to it. Blank lines, checked boxes, and short deadlines decide who carries the risk. Agents can fill in the form, and escrow officers follow its instructions, but neither can tell you whether a term hurts you. A quick legal review before you sign costs far less than fixing a problem after your deadlines have passed.

A purchase agreement is the signed contract between a home buyer and seller. In Arizona, it sets the price, the earnest money, the financing terms, the inspection and appraisal contingencies, title and escrow instructions, what stays with the house, and the close of escrow date. Most Phoenix resale deals use the Arizona REALTORS® form, which also serves as the escrow company's instructions. Arizona law requires the agreement to be in writing and signed to be enforced. Once both sides sign and deliver it, the deadlines start running, so every blank and checkbox matters.

BINSR stands for Buyer's Inspection Notice and Seller's Response. It's the Arizona REALTORS® form a buyer uses to approve the home's condition, list items they want the seller to fix, or cancel during the inspection period. The seller then responds by agreeing, refusing, or offering something else, and the buyer gets a short window to accept or cancel. The wording matters. A vague request like fix the roof invites a cheap patch, while a clear one names the work, the licensed contractor, and proof of completion. Francisca can review your BINSR before you send it.

Under the standard Arizona REALTORS® contract, a financed purchase depends on an appraisal acceptable to the lender for at least the purchase price. If the home appraises low, the buyer has five days after notice of the appraised value to cancel and get the earnest money back. If the buyer doesn't cancel in time, the appraisal contingency is waived, and the buyer may need to cover the gap. Many deals survive a low appraisal through a price cut, a split difference, or more cash from the buyer. Francisca helps you weigh each option and put the new terms in writing.

Only for a reason the contract allows. A seller who signed the Arizona REALTORS® contract can't simply change their mind because a better offer arrived. The contract says any later offer the seller accepts must be a backup, contingent on the first contract being cancelled. A seller may cancel if the buyer breaches and fails to cure within three days after a cure period notice, or under a contingency the seller wrote in. A seller who walks away without a right to cancel is in breach. Francisca can review your options and send a demand letter, though the firm doesn't file lawsuits.

For a financed purchase, federal rules require your lender to deliver the closing disclosure at least three business days before you sign the loan. Compare it to your loan estimate and your contract. Check the price, loan amount, interest rate, seller credits, earnest money credit, and prorated property taxes and HOA dues. The escrow company's settlement statement shows the full breakdown for both buyer and seller. Look for duplicate fees, a missing credit, or the wrong party paying a cost. Francisca reviews both against your contract and flags anything that doesn't match before closing.

The contract decides, not a state law. Under the standard Arizona REALTORS® contract, the seller pays for the owner's title insurance policy, and the buyer pays the loan costs and the lender's title policy. Other escrow fees, HOA transfer fees, and repairs are split however the contract says. Sellers also often agree to credit the buyer a set amount or percentage toward closing costs, which the contract calls seller concessions. Because each line is negotiable, the time to settle who pays what is before you sign. Your settlement statement should then match the contract line by line.

Wire fraud is one of the costliest closing risks. Scammers send emails that look like they come from the escrow company, an agent, or an attorney, with new wiring instructions. Money sent to the wrong account is often gone for good. Before you wire, call the escrow company at a phone number you found yourself, not one in the email, and confirm the instructions out loud. Be suspicious of any last-minute change, and never send account details by plain email. Treat any email that changes wiring instructions as fake until you confirm it by phone.

Close of escrow, or COE, is when the sale is final. Before that day, the buyer and seller sign their documents with the escrow company's notary, and the buyer's lender funds the loan. The escrow company then records the deed and the affidavit of legal value with the county recorder, such as the Maricopa County Recorder's Office, and pays out the funds under the settlement statement. Under the standard contract, the seller conveys title by warranty deed. Possession usually passes at COE unless an addendum says otherwise. Plan for keys after recording, not just after signing.