The Arizona Department of Real Estate has made every effort to let consumers know their rights and responsibilities when purchasing a property. The buyer is entering into a legally binding agreement and can be held to that agreement in a court of law.

The buyer and seller must know what they are signing and should be working with an agent who takes the time to explain the entire contract and the ramifications of each section of the contract.

An agent who slides paperwork over to the buyer and/or seller and says “sign here” without an explanation may be binding those people to a legal contract which they do not understand. But then ignorance of the law is no excuse.

If you have a buyer’s agent, or a seller’s agent, their fiduciary responsibility is to you. It is far better for you to belabor the point until you understand the contract than to sign something which may cost you dearly in the end.

This series of blogs will explain the purchase contract in detail. I will break it down section by section. In the State of Arizona, which is not an attorney state, real estate agents are given the powers vested to attorneys in other states. Be sure you know your agent and if you desire to use an attorney, a good real estate agent should permit that.

This entry was posted on Monday, October 26th, 2015 at 6:00 am and is filed under Ethics, Financing, Purchase Contract, Tucson Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.