Re: OK, Jim - Posted by Stacy (AZ)
Posted by Stacy (AZ) on March 22, 2001 at 24:27:01:
Yes, I know it’s confusing in AZ. I was speaking of the term most title companies, investors, real estate agents, etc, call an installment land contract sale in AZ. Many of them will probably know what a “Contract for Deed” is if you use the term, but the most common term here is “Agreement for Sale”.
The contract you pointed to is definately a contract for deed type document, but if you’ll notice, it’s categorized under the general name “AGREEMENT” in the county data base. If you’ll look up several other “AGREEMENTS” in the county data base, you’ll see that there are all kinds of various agreements, most of which are not installment land contract sales documents at all. I think what might have thrown you is that our competitor, “Equity Homebuyers” uses this contract. It doesn’t legally matter what the title is, just the content.
However, if you look up documents in the “SALE AGR” category, almost all of these will be installment land contract docs. A few may even have “Agreement for Deed” printed on them, like your document, but the vast majority will show “Agreement for Sale”.
So, in AZ whether you print on top “Contract for Deed”, “Agreement for Sale”, or whatever makes sense, it’s the content that makes the difference, not the title. Here’s the statute that defines a sale of this type. You’ll notice it doesn’t even mention “Agreement for Deed”.
“Contract” means a contract for conveyance of real property, a contract for deed, a contract to convey, an agreement for sale or any similar contract through which a seller has conveyed to a purchaser equitable title in property and under which the seller is obligated to convey to the purchaser the remainder of the seller’s title in the property, whether legal or equitable, on payment in full of all monies due under the contract. This article does not apply to purchase contracts and receipts, escrow instructions or similar executory contracts which are intended to control the rights and obligations of the parties to executory contracts pending the closing of a sale or purchase transaction.
And, no, an Agreement for Sale is not a different kind of document for all cash sales.
Jim, sorry if you feel if this is just opposition to your opinion. That is not my intent. Just trying to get the facts out to those who may be reading from AZ. But, by all means, you can call it anything you want. It’s not important.