I know this will not be a complete explanation but it can serve as an overview.

Contracts are the basis of buying and selling real estate. A contract is a legal document that affects the buyer, seller, brokers, and every other person involved in a real estate transaction.  The contract in a real estate transaction can prevent problems or cause disputes. If the basic contract law principles are applied, each transaction will proceed more smoothly, with fewer disputes and less liability for the parties involved.

For a valid contract to exist there must be an offer, acceptance, consideration and sufficient specificity so that the obligations involved can be ascertained.  Real property contracts must meet certain other requirements and usually contain numerous other important provisions relating to the transaction. 

A contract for the sale of real property must be in writing and signed by the party to be charged to be enforcable.
Any modifications must also be in writing and signed.
Both husband and wife must sign a real estate contract for the community property to be obligated. If this is
impossible, one spouse may sign the documents on behalf of the other pursuant to a power of attorney.
An "offer" is an expression of willingness to enter into an agreement which creates a power of acceptance premitting it to transform into a contract.
"Acceptance" of an offer must be in the exact terms as the offer, and any attempt to change the terms becomes a
counteroffer, which rejects the offer.
"Consideration" may be earnest money or "$10 and other valuable consideration" or may involve a promise for a promise.
"Sufficient Specificity" must be clear and contain all of the material terms of the transaction.  All critical provisions
must be specified and agreed upon.
"Parties" identity of the buyer and seller (must be 18 or older) should be set forth with specificity.  All parties must be competent.
"Property Description" must be identified so that it can be ascertained. Preferably by legal description.

 

 

Who is representing you and acting in your best interest? 
One of the first decisions to be made on your first meeting with a Realtor will be deciding Agency

There are 3 types of Agency -

1. Seller's Broker: A broker under a listing agreement with the Seller acts as the broker for the Seller only.
       Has fiduciary duties of loyalty, obedience, disclosure, confidentiality and accounting in dealings with the Seller

2. Buyer's Broker: Agrees with the Buyer to act as the broker to the Buyer.  Has fiduciary duties of loyality,
       obedience, disclosure, confidentiality and accounting in dealings with the Buyer.

3. Dual Agency:  Occurs when one broker or two salespeople within the same brokerage firm, represent both
       the buyer and the seller in a real estate transaction.  Dual representation is lawful with prior written
       consent. Dual representation involves inherent conflicts (disclosure of any confidential information that  
       would place one party at an advantage over the other party such as price, financing terms, repairs or              motivation).  The broker(s) attempts to serve two clients, both of whom have an interest in completing a   
       real estate transaction on the best terms possible. Therefore, difficult questions often arise.

After termination of an agency relationship, the fiduciary duty is ended.  However, confidential information must remain confidential after the termination.

 

                                                            

This is to give you information so that  buying and selling a home is an interesting and enjoyable time.  I am not a lawyer but I do have 16 years in the business and have extra education in my designations. 
I am also relying on checking my facts with a book by K. Michelle Lind, General Counsel for the Arizona Association of Realtors.  Saying that, I will do my best at providing information but I am far from infallable. 

This blog is labeled Leisure World info.  There will also be information on other areas nearby and real estate in general.  Hope you enjoy and please leave feedback or questions. And please bear with me as I learn how to use this.

Pat Pryor, ABR, CRS, GRI, SRES
ERA The Realty Group                                                                                                    
Mesa, Az. 85206
480-924-2487
  

www.patpryor.com
www.leisureworld.org
www.verdegrovesaznb.com