Buyer Resources/Contracts & Addenda
Purchase Contract Guide
Understanding the purchase contract.
In Arizona, most home purchases use the Arizona REALTORS® Residential Resale Real Estate Purchase Contract (updated February 2026). It’s a legally binding agreement. Here’s a plain-language map of what each section covers.
The Contract at a Glance
| § | Section | What It Covers |
|---|---|---|
| 1 | Property | The address, price, earnest money, close of escrow (COE) date, and what’s included: fixtures, listed personal property and any leased items. |
| 2 | Financing | Your loan and appraisal contingencies, loan deadlines, the Loan Status Update (LSU) and any seller concessions. |
| 3 | Title & Escrow | The escrow company, title insurance, your review of the title commitment and CC&Rs, and how costs and prorations are split. |
| 4 | Disclosure | The Seller’s Property Disclosure Statement (SPDS), insurance claims history, lead-based paint (pre-1978) and other disclosures. |
| 5 | Warranties | The home’s condition at acceptance, what the seller must maintain, and any home warranty. |
| 6 | Due Diligence | Your inspection period, square footage, flood, insurance, sewer or septic, the BINSR process and your final walkthrough. |
| 7 | Remedies | Cure notices, breach, earnest money, and mediation or arbitration of disputes. |
| 8 | Additional Terms | Days and deadlines, compensation (negotiable, not set by law), and any other terms you add. |
| 9 | Seller Acceptance | Signatures, the time to accept the offer, and counter offers. |
How Days Are Counted
- Calendar days, not business days. Each runs from 12:00 a.m. to 11:59 p.m., and counting starts the day after acceptance.
- “3 days before COE” means 3 full days. If closing is Friday, it’s due by 11:59 p.m. Monday.
- Only a written, signed agreement extends a deadline. Verbal discussions don’t.
- Missing a deadline can cost you. If you don’t object to items in time, you’re treated as accepting them.
Key Deadlines After Acceptance
| When | What Happens |
|---|---|
| Within 3 days | You complete your loan application and let the lender pull credit. The seller delivers the SPDS and a notice of any leased items. |
| Within 5 days | The seller delivers the 5-year insurance claims history and, for pre-1978 homes, lead-based paint information. |
| Within 10 days | Your Inspection Period ends (unless another time is agreed); deliver any BINSR by then. Your lender’s Loan Status Update (LSU) is due to the seller. |
| 10 days after Loan Estimate | Tell your lender you intend to proceed and provide all requested documents. |
| 5 days after receipt | Review and object to anything in the title commitment, CC&Rs or HOA documents. |
| After the BINSR | The seller has 5 days to respond; if the seller won’t make every repair, you have 5 days to accept or cancel. |
| 5 days after appraisal | If the home appraises below price, you have 5 days to cancel or the appraisal contingency is waived. |
| 3 days before COE | Loan approval without “prior to documents” (PTD) conditions, or notice that you can’t obtain it, is due. |
| Before closing | Complete your final walkthrough, sign closing documents and wire funds using verified instructions. |
Buyer Checklist
Before and during escrow
Warning: Wire Fraud
Criminals send fake wiring instructions by email. Always confirm wiring instructions by phone with your escrow officer at a known number before sending money, and never email documents showing bank account numbers or personal information.
Sample Forms
Blank Arizona REALTORS® samples for reference. We’ll complete the current version together.
Unfamiliar term? Browse the Real Estate Glossary →
Have questions about your purchase?
Call or text me anytime. I’ll walk you through every step and every document.
General information only, not legal advice. Timelines shown are the contract defaults and may be changed by agreement. You’re encouraged to consult an attorney, inspectors and other experts of your choice.