Buying in North Mountain Village or making the move from Peoria and wondering what you’re actually signing? Arizona’s standard purchase contract packs a lot into a few pages, and the dates and details matter. You want to protect your earnest money, keep your timelines on track, and close smoothly. This guide breaks down the Arizona AAR purchase contract in plain language, with local tips for Maricopa County closings. Let’s dive in.
The AAR contract at a glance
Arizona resale homes typically use the standard Arizona Association of REALTORS form called the AAR Residential Resale Purchase Contract. It sets the price, earnest money, deadlines, inspections, disclosures, closing date, and what happens if either side defaults. You and the seller also attach any needed addenda and disclosures to complete the agreement.
This contract is used statewide. Title companies and lenders follow the timelines you choose in it. If you want to see the organization behind the form, review the Arizona Association of REALTORS site for the AAR Residential Resale Purchase Contract and related forms on the AAR website. For broader consumer guidance, the Arizona Department of Real Estate’s buyer resources are also helpful.
Key protections and deadlines
Earnest money
Your earnest money shows the seller you’re serious. In the Phoenix and Peoria area, buyers commonly offer an amount that fits the price point and market, from a few thousand dollars to a small percentage of the price. The title company holds it in escrow and credits it to you at closing. If you cancel properly within a contract contingency, you typically receive it back per the contract.
If a buyer defaults outside of the contract protections, the contract can allow the seller to keep the earnest money or seek other remedies. The outcome depends on what you and the seller agreed to in the contract’s remedies section.
Inspection period
The inspection period lets you inspect, review disclosures, and then accept, request repairs or credits, or cancel. In local practice, it’s often 5 to 10 calendar days, but it’s negotiable. Competitive situations may push for shorter windows.
Act fast on day one. Order a general home inspection right away and schedule any specialists you may need, like pest, roof, pool, HVAC, or sewer scope. Submit any written repair requests or a notice to cancel before the inspection period ends to preserve your protections.
Financing and appraisal
Your financing contingency protects you if you can’t obtain the agreed loan on time. Lenders and buyers commonly target a 30 to 45 day closing for conventional loans, but your exact dates are set by your contract. The appraisal usually lands within the first few weeks.
If the appraisal comes in low, your options depend on what you negotiated. You can try to renegotiate price, bring extra cash, or cancel if your contract includes an appraisal contingency that permits it. If you waived appraisal protections, you may be required to cover the difference to close.
Title review and objections
You’ll receive a title commitment listing matters like easements and liens. The contract sets a deadline to object to title issues. Raise questions early so the title company and seller can address them. For boundary concerns, consider a survey or reviewing the recorded plat.
Remedies if things go wrong
If a buyer defaults, the contract outlines the seller’s remedies, which can include retention of earnest money or pursuing other legal relief depending on what you both selected. If a seller defaults, buyers may be entitled to a return of earnest money and, in some cases, specific performance. If you have unusual circumstances or a dispute, talk with your agent and consider consulting an attorney.
Disclosures and addenda to expect
SPDS seller disclosures
Arizona resale sellers commonly provide the AAR Seller Property Disclosure Statement (SPDS). It lists known material facts the seller is aware of, such as water intrusion, prior repairs, or system issues. Read it closely and use it to guide your inspections and questions, but still rely on professional inspections.
HOA documents and timelines
Many North Mountain Village and Peoria-area homes sit in planned communities with HOAs. Expect an HOA Addendum and a resale package with CC&Rs, bylaws, budgets, meeting minutes, dues, transfer fees, and any rental or occupancy restrictions. Your contract will include a specific review period to read these documents and object if needed.
Focus on special assessments, reserve funding, and any pending litigation, as these can affect your costs and choices. Clarify who pays the HOA resale and transfer fees in your offer.
Lead-based paint for pre-1978 homes
Homes built before 1978 require a federal lead-based paint disclosure and an EPA pamphlet. You may have a 10-day window to test if you choose. Learn more from the EPA’s lead-based paint guidelines.
Other addenda you might see
You may see addenda for pools and appliances, the sale of the buyer’s property, short sales, or seller financing when applicable. Your agent will attach the right forms so your protections match your situation.
Maricopa County closing basics
Title, escrow, and recording
In Arizona, title companies handle escrow, hold your earnest money, prepare closing documents, and coordinate recording. On closing day, funds and signed documents go to the title company, and the deed records with the county. The Maricopa County Recorder manages recording and sets related fees and processes.
Affidavit of Value and fees
At closing, an Affidavit of Value is prepared and recorded with the deed. Your title company will handle this form and county recording fees. These items flow into your final closing costs.
Taxes, prorations, utilities
Property taxes are prorated at closing. Review how the proration is calculated and ask for current tax info so you can plan your budget. Arrange utility transfers for the possession date to avoid service gaps, and check permit records if you have questions about past work on the home.
Wire-fraud safety
Wire-fraud scams target real estate closings. Always confirm wiring instructions by calling your title company using a trusted phone number, not email alone. For more background, review First American’s wire-fraud guidance and follow your title company’s exact instructions.
Your timeline from acceptance to keys
- Day 0: Offer accepted. Send earnest money to the title company per the contract. Confirm all deadlines and put them on your calendar. Order your general home inspection immediately.
- Days 1–10: Inspection period. Complete general and any specialized inspections. Review SPDS and HOA docs. Submit repair requests or cancellation in writing before the deadline.
- Same time frame: Start your loan. Apply right away, send documents quickly, and prepare for appraisal in the first 2–3 weeks. See the CFPB’s homebuying resources for a clear look at mortgage steps.
- Title review window: Read the title commitment and raise any objections by the contract deadline.
- Appraisal milestone: If the value is low, decide whether to renegotiate, bring cash, or exercise any appraisal contingency.
- Final walkthrough: Usually 1–3 days before closing to confirm the home’s condition and agreed repairs.
- Closing day: Sign closing documents, wire your cash to close per verified instructions, and wait for recording with Maricopa County. Once recorded, you receive keys according to the contract.
Most financed purchases close in about 30 to 45 days. Cash purchases can move faster if title is clear and the seller is ready.
Local tips for Peoria and North Phoenix buyers
- Confirm HOA details early. Dues, rental rules, and special assessments can shape your budget and plans.
- Book inspections the day your offer is accepted. Shorter inspection periods are common, so do not lose days to scheduling.
- Clarify who pays HOA resale and transfer fees in your offer.
- Choose a title company experienced with Maricopa County recordings. That helps with the Affidavit of Value, prorations, and fee accuracy.
- Ask your lender for a “clear-to-close” estimate and confirm how much cash you will need.
- Protect your funds. Verify wiring instructions by phone with the title company before sending any money.
Buying in North Mountain Village or relocating from Peoria? You deserve a smooth, secure process. If you want help aligning your contract dates, inspections, loan, and title steps, connect with Jasmine Negrete for a friendly, local walkthrough in English or Spanish.
FAQs
How long is the inspection period in Arizona?
- In the Phoenix and Peoria area, buyers commonly negotiate a 5 to 10 calendar day inspection period, but the exact length is set by your signed contract.
What happens to earnest money in a Peoria purchase?
- The title company holds it in escrow and it is typically credited to you at closing; if you cancel within a contract contingency, it’s usually returned per the contract terms.
What is the SPDS seller disclosure in Arizona?
- The AAR Seller Property Disclosure Statement is the standard form sellers use to disclose known material facts; you should still complete professional inspections.
What are my options if the appraisal is low?
- Depending on your contract, you can renegotiate price, bring additional cash, or cancel if an appraisal contingency allows; the exact outcome depends on what you negotiated.
How long does it take to close in Maricopa County?
- Typical financed purchases close in about 30 to 45 days from acceptance; cash deals can close faster depending on title, appraisal needs, and seller readiness.
