What is necessary for a cash sale of a home in Arizona?

Asked almost 2 years ago - Scottsdale, AZ

Not comfortable fully relying on the realtor in this case (not convinced he is on top of it all and I found the buyer.) Yes I know I can hire an attorney and MIGHT do so but I like to know what I'm looking at. The sales contract is standard. Yes, some info to fill in (devil is in the details). Still an escrow involved for transfer of deed and funds. Home has one mortgage, no seconds, no liens, no arrearages or assessments. Owner no judgements, no taxes owed, etc. As clean a deal as IS possible. Purchaser is broker so he potentially has the advantage in knowledge. Don't want to drop the ball, but also would get all necessary paperwork in order for first RE attorney meeting IF needed.

Attorney answers (4)

  1. Suzanne M. Watts

    Contributor Level 6

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    Answered . I agree with the last response, you don't likely need a lawyer. The best bet is to call the title company and ask them what the status of the closing is. The buyer does not need an appraisal since it is cash so it should close escrow quickly. Typically the only thing a buyer and seller need to do to close on a cash transaction is for the seller to sign the deed and the buyer to wire funds to title. Once title receives the funds, they will release the title to record in the new buyer's name and then wire the funds to the seller (or mail a check). The seller can instruct title how they want the closing to be arranged. In any event, call the title company with any questions, they should be happy to help and will have the most knowledge about the status of the closing. Good luck.

  2. Brandon Kavanagh

    Contributor Level 12

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    Answered . I am answering to say that I agree with everyone to a point. The AAR contract is built to be standard by being fairly even between buyer and seller so that everyone is willing to indemnify and release the brokers, as it is their form. Most residential contract issues can be discussed and figured out in an initial consult. Not everyone needs to have an attorney review their AAR contract, especially if you have an agent/broker that you feel is competent. Since you do not feel that way, that is when an attorney can be helpful even if it just ends up being a discussion to set you at ease about what you are agreeing to in the "standard agreement".

    Disclaimer: This answer is provided for informational purposes only, does not constitute legal advice, and does... more
  3. Bert Daniel Millett

    Pro

    Contributor Level 6

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    Answered . It is generally an overkill to get an attorney involved on a residential transaction like this. But I’ve reviewed residential contracts and closing documents for clients in the past. If you sense there is something fishy going on or that you may be leaving something on the table, it may make sense to hire an attorney to review the documents and advise you regarding any questions or concerns you have.

    http://gundersondenton.com/our-team/attorneys/b...

    This communication is intended to be for general informational purposes only. It does not constitute legal advice... more
  4. Robert H Nagle

    Contributor Level 10

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    Answered . I totally disagree with the prior answers. The AZ form of purchase agreement is geared to protect the broker and the title company at the expense of both Seller and Buyer. I feel it is critical to protecting your rights, both during the deal and, frankly, afterwards (given the indemnities both the broker and title company demand and extract from unsuspecting parties). So many people dismiss using a lawyer, particularly realtors who don't understand the contract themselves and unbelievably believe the document to be "fair." That it is not.

    Accessing this website or receiving an electronic transmission from Nagle Law Group, P.C., or any specific... more

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