The primary contract governing the transaction. Updated to its February 2026 version by the Arizona Association of REALTORS®. Establishes purchase price, earnest money amount and deposit instructions, contingencies (inspection period, loan, appraisal), close of escrow date, included personal property, seller deliveries (SPDS, CLUE report, HOA documents), and the rights and obligations of both parties through closing. This is the document that all subsequent closing documents fulfill. If anything in the closing package contradicts the RPC terms, it requires resolution before signing.

A 10-page AAR form the seller must deliver within three days of contract acceptance. Covers property history, building and safety, utilities, environmental conditions, and other material facts. The SPDS is not a warranty — it discloses what the seller knows. Buyers should review the SPDS early in the inspection period to identify areas requiring further investigation. The SPDS obligation survives even on as-is sales.

Under the AAR contract, the seller must deliver a five-year insurance claims history report within five days of contract acceptance (or the length of seller ownership if less than five years). Prior water damage claims, fire claims, or weather event claims are visible in this report. Prior water damage is a mold risk flag; prior fire claims may indicate structural repairs requiring investigation.

Issued by the title company after a title search of the public records. One of the most important documents in the transaction. Divided into:

Schedule A: Search date, insurance coverage amount, named insured, and legal description. Verify the legal description matches the property and the coverage amount is appropriate.

Schedule B, Part 1 (Requirements): What must happen before escrow can close and title insurance will issue. Common items: payment of taxes, HOA assessments, recording a release of the existing deed of trust, recording the new deed and deed of trust.

Schedule B, Part 2 (Exceptions): Items the title company will not insure — typically easements, CC&Rs, current year taxes not yet a lien, and any specific encumbrances. Buyers have five days after receipt of the title commitment to raise objections. Read the exceptions. An easement running across the backyard, a recorded notice of pending assessment, or a solar lease on the property will appear here. If you do not disapprove within five days, you accept these items.

Provided by the lender within three business days of loan application. Shows the estimated interest rate, monthly payment, and closing costs. Not a commitment to lend — an estimate. The Closing Disclosure issued at closing should be compared against the Loan Estimate to identify any material changes. Under TRID rules (TILA-RESPA Integrated Disclosure), the buyer must acknowledge receipt and must provide the lender with notice of intent to proceed within 10 days of receiving the Loan Estimate.

The AAR form used within the 10-day inspection period to identify disapproved items and elect either immediate cancellation or an opportunity for the seller to correct. Once submitted and an election made, the election is irrevocable. The BINSR may result in a repair addendum, a price reduction, a seller credit, or cancellation — any agreed resolution is documented here and must be provided to the lender and escrow company if financial terms are modified.

The final loan cost document required under the TILA-RESPA Integrated Disclosure rule. Shows final loan terms, monthly payment, closing costs itemized by category, and cash to close. The lender must provide the CD no later than three business days before closing. Compare it line-by-line against your Loan Estimate — some fees cannot increase, some can change within limits, and some can change freely. Items to verify: loan amount, interest rate, origination charges, title insurance charges, prepaid items, and the final cash-to-close figure. If the numbers changed materially without explanation, ask before signing.

The escrow company’s accounting of the entire transaction — every debit and credit to buyer and seller. In financed transactions, the ALTA settlement statement works alongside the Closing Disclosure. In cash transactions, the ALTA is the primary financial document. Verify: purchase price, earnest money credit, prorations (property taxes, HOA dues), seller-paid closing costs or credits, commission disbursements, and net proceeds (for sellers) or cash to close (for buyers). Request a preliminary settlement statement a day or two before signing so you can review the numbers without time pressure at the table.

The legal instrument that transfers title from the seller to the buyer. In most Phoenix residential transactions, the seller conveys title by warranty deed, which includes a covenant that the seller has good title and will defend the buyer against any claims arising from the seller’s ownership period. Some transactions use a special warranty deed (limited warranty) or a quitclaim deed (no warranty). The deed is prepared by the title company, signed by the seller, and recorded at the Maricopa County Recorder’s Office at COE. Close of Escrow does not occur until the deed records — not when you sign documents, and not when the lender funds.

Your personal promise to repay the loan. States the loan amount, interest rate, repayment terms, and what constitutes default. The promissory note is the debt instrument — it is what you owe. It is separate from the deed of trust, which is the security instrument. You should read and understand the promissory note before signing. Verify: loan amount, interest rate (fixed or ARM), first payment date, prepayment penalty provisions (if any), late payment grace period and penalty, and due-on-sale clause.

Arizona uses a deed of trust rather than a mortgage. The deed of trust is a three-party instrument: the borrower (trustor), the lender (beneficiary), and a neutral trustee. The deed of trust gives the trustee the power to sell the property (conduct a non-judicial foreclosure) if the borrower defaults on the promissory note — without going to court. This is why Arizona foreclosures are typically processed through a trustee’s sale rather than judicial foreclosure. The deed of trust is recorded at the Maricopa County Recorder’s Office and becomes a lien on the property.

The formal instructions from buyer and seller to the escrow company authorizing it to complete the transaction: disburse funds, record the deed, pay off existing liens, and close the file. Arizona transactions typically use supplemental escrow instructions in addition to the purchase contract. The escrow officer is bound by these instructions — they cannot deviate without both parties’ written authorization. Review escrow instructions to confirm they match the agreed terms of the purchase contract.

The lender requires the buyer to affirm that they intend to occupy the property as their primary residence (for owner-occupant loan pricing) or to state the intended use (investment or second home). Occupancy fraud — obtaining owner-occupant loan pricing on a property you intend to rent — is a federal offense. Sign this accurately.

Confirms that the buyer’s name on the closing documents matches their legal identification. Hyphens, middle names, suffixes (Jr., Sr., III), and variations between how your name appears on your driver’s license vs. your social security card vs. the purchase contract can trigger a name affidavit requirement. If any mismatch exists, address it before the signing appointment to avoid document redraws.

For financed purchases, the lender is required to disclose how the escrow account will be funded and managed. Shows the initial deposit for property taxes and homeowner’s insurance, the monthly escrow portion of your payment, and the projected escrow balance over the first 12 months. Verify that the tax and insurance figures match what you were quoted.

For properties in common interest communities — the vast majority of new and relatively new homes in Buckeye, Goodyear, Surprise, Peoria, Anthem, and Litchfield Park — the HOA-related documents include the HOA disclosure package (CC&Rs, bylaws, rules), the disclosure fee receipt, the transfer fee paperwork, and confirmation of assessment proration. The buyer should already have reviewed the HOA documents prior to the signing appointment. The AAR contract provides five days after receipt of HOA documents to raise objections. Signing the HOA transfer documents at closing without having reviewed the CC&Rs earlier is a risk.

Required by federal law (RESPA/HUD regulations) for all residential properties built before 1978. The seller must disclose any known lead-based paint hazards and provide any existing reports. The buyer acknowledges receipt and a 10-day opportunity to conduct a lead paint inspection. Many West Valley new construction homes post-2000 are not subject to this requirement; it primarily applies to older Phoenix neighborhoods and pre-1978 Glendale, western Phoenix, and Peoria stock.

Arizona residential transactions typically include two title insurance policies: the lender’s title insurance policy (required by the lender, paid for by the buyer in most Arizona transactions) and the owner’s title insurance policy (protects the buyer’s ownership interest, negotiable in terms of who pays). The ALTA Homeowner’s Policy is considered the best available for residential buyers — it provides broader coverage than the standard policy, including coverage for survey/boundary errors and certain zoning violations. The owner’s policy is delivered after closing, not at the signing table.

Arizona-specific. If a married buyer intends to take title as their sole and separate property — meaning not as community property with their spouse — the spouse who will not be on title must execute a disclaimer deed releasing any community property interest. This is relevant for buyers who are married but one spouse is not on the loan or the title. Failing to execute a disclaimer deed when required can cloud title.