Almost every real estate purchase or sale starts with the execution of a written Purchase or Sales Agreement. In Arizona, this Agreement is sometimes called a Deposit Receipt and Agreement. The Purchase or Sales Agreement sets forth the names of the Seller and the Buyer and specifically describes the parcel of real estate that is to be transferred. The Agreement states a sales or purchase price and denotes how it is going to be paid. The Agreement usually sets a date on which the transaction will close and the property will be transferred from the Seller to the Buyer. The Agreement contains many other terms and conditions specific to the particular transaction. Although many of thee agreements are written by real estate agents in Arizona, attorneys are frequently asked to draft these agreements if the parties choose not to use a realtor or if the transaction is large, commercial or unusual in some respect. Even if a realtor drafts your agreement, it often benefits a party to have a lawyer review it prior to execution.

* The information contained in this message is general and should not substitute for the advice and counsel of a licensed attorney.

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