Arizona Purchase Documents | BMP Network

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It's Time to Write Your First Offer.... Now What?

For the purposes of this page, all documents will be shown as if you represent the buyer.

The Purchase Contract, whether Residential or Vacant Land, is exactly what it says.... A contract between the Buyer and Seller to purchase a piece of property, for a specified amount of money (consideration), within an agreed upon set of terms and time frames. 

In reviewing the purchase contracts, you will see that there is very similar verbiage between the residential and the land contracts and some that's very different. It is important to understand everything the contract says and the time frames incorporated in the contract. 

**Common Abbreviation: RRPA or VLPA

**REQUIRED FOR EVERY PURCHASE!**

The Real Estate Agency Disclosure & Election, which we went over on the listing page, is the same thing when representing a buyer. It discloses to the client what your fiduciary duties and responsibilities are during their representation.  

**Common Abbreviation: READE

**REQUIRED FOR EVERY PURCHASE!**

(When you represent the Seller in a transaction, you will not need to submit this to the Transaction Staff as it will already be on file.)

The Buyer Broker Employment Agreement is the contract allowing you to represent the buyer exclusively. If not properly filled out, the buyer could find themselves working with another agent and making it impossible for you to receive a commission. This is also how we disclose the transaction fee to the buyer.

**Common Abbreviation: BBA

**REQUIRED FOR EVERY PURCHASE IF A TRANSACTION FEE IS BEING CHARGED!**

The Buyer Advisory Notice is a very detailed packet of information to give to every buyer, preferably at the time they sign the contract. It provides them with numerous sources to find information about any property that may be important to the buyer. For example: links and information about Lead Based Paint, how to find out if a sex offender lives nearby,  environmental concerns, etc.

**Common Abbreviation: BA

**REQUIRED FOR EVERY PURCHASE!**

(Only when you represent the buyer. Staff only needs the last page once signed by the buyer.)

The Lead Based Paint Addendum discloses to the buyer that, in homes built prior to 1978, lead based paint was commonly used and is now known to be a health hazard. This is a federally mandated form and has very strict guidelines as well as very heft fines. The document can be electronically signed. All parties must sign the same document (it can't be done in counterpart). 

**Common Abbreviation: LBP

**REQUIRED FOR EVERY PURCHASE ON PROPERTIES BUILT PRIOR TO 1978!**

The Pre-Qualification Form is required for any buyer utilizing a loan to purchase the property in question. It must be filled out by the lender and signed by the buyer on line 42 prior to submitting your offer to the listing agent. If, for some reason, you do not have a Pre-Qualification form, you must disclose this in the additional terms of the contract.

**Common Abbreviation: PQ

**REQUIRED FOR EVERY PURCHASE UTILIZING A LOAN!**

(Unless otherwise disclosed in the Additional Terms)

The Home Owner's Association Addendum should be presented to the buyer during the due diligence period. The seller will have filled out the first page disclosing all of the fees associated with living in the HOA and those for transferring the property into the new owners name. Payment of the Transfer Fee and Capital Improvement Fees (if applicable) are negotiable on page 3, which should come to you blank, should be filled out by the buyer, signed, and then presented back to the seller for their final acceptance. 

**Common Abbreviation: HOA

**REQUIRED FOR EVERY PURCHASE WHERE THE PROPERTY IS LOCATED IN AN HOA!**

The On-Site Waste Water Addendum is used when there is a septic tank servicing the property. It discloses to the buyer their right to have the system pumped and inspected, at the cost of the seller, prior to the close of escrow. Additionally, it is the point of negotiation for who is going to pay for any needed repairs and who is going to pay for the septic transfer fee.

**Common Abbreviation: OSWW

**REQUIRED FOR EVERY PURCHASE ON PROPERTIES WITH SEPTIC TANKS!**

The Seller's Property Disclosure Statement, whether it's for residential properties or vacant land, is a document filled out by the seller and provided to you. It must be delivered to the buyer within 5 days of contract acceptance or the contract is in breach.

**Common Abbreviation: SPDS or VLSPDS

**REQUIRED FOR EVERY PURCHASE!**

(Unless otherwise disclosed in the Additional Terms)