Understanding the Real Estate Paperwork: A Guide for Arizona Buyers
Everything you need to know—simplified and explained.
Buying a home can be overwhelming, especially with all the documents you’re asked to sign. That’s why we created this page: to help you understand each key form used during your Arizona home buying journey. From your prequalification to the final walkthrough, we break down every essential document—what it is, why it matters, and how it protects you. No legal jargon. Just real talk, so you can feel confident every step of the way.
Prequal
Short Description
A quick walkthrough of the real estate prequalification form—what each section means, how it’s used in negotiations, and what documents are included to support your home loan.
⭐Buyer Broker
Critical. Commonly Misunderstood. Crucial to Watch.
Short Description
A quick explanation of the Buyer Broker Agreement—why it’s required, how it works, and how Marshall’s team represents you at no direct cost by getting compensation from the seller.
READE
Short Description
A quick explanation of the Real Estate Agency Disclosure and Election (READ) form—used to define who your agent represents and to authorize them to act on your behalf in the transaction.
Purchase Contract
Short Description
A breakdown of Arizona’s Residential Real Estate Purchase Contract—covering purchase price, earnest money, seller concessions, due diligence, included items, and acceptance terms to help buyers understand each part before signing.
Seller Compensation
Short Description
An overview of the Seller’s Compensation Addendum—a form that officially requests the seller to cover the buyer’s agent commission, often 3%, to avoid any direct cost to the buyer.
LSU
Short Description
The Loan Status Update (LSU) tracks a buyer’s mortgage progress, from pre-qualification to closing. It confirms loan details, documents received, appraisal status, and ensures all parties stay informed throughout the deal.
BINSR
Short Description
The BINSR form lets buyers request repairs after inspections and gives sellers the chance to respond. If no form is submitted by Day 10, the buyer accepts the property as-is.
Final Walkthrough
Short Description
The final walkthrough ensures the property condition and repairs match what was agreed upon. Buyers can approve the home, request last-minute fixes, or waive the walkthrough entirely.