The Sunsets on a beautiful valley home.
In Arizona real estate, “seller-carry” is a term used when the person selling a property and the buyer agree on a different payment arrangement. Usually, when someone sells a property, they receive the full payment from the buyer upfront. However, in a seller-carry situation, the seller and buyer agree to a different payment method.
Imagine you want to buy a car, but you don’t have all the money to pay for it right away. Instead of going to the bank for a loan, you might find a seller who is willing to let you pay for the car over time. This is similar to what happens with seller-carry in real estate.
Instead of paying the entire purchase price in one go, the buyer and seller agree that the seller will “carry” or hold a portion of the payment. The buyer then makes regular payments to the seller over a set period, such as monthly installments, until the full amount is paid off.
In Arizona, there are specific laws and regulations that govern seller-carry transactions to ensure both the buyer and seller understand their rights and responsibilities. These laws require a written contract that outlines the payment terms, such as the amount, frequency, and duration of payments. This contract provides clarity and protection for both parties involved.
To sum up, “seller-carry” in Arizona real estate refers to an alternative payment arrangement where the seller agrees to hold part of the payment, allowing the buyer to make regular payments over time until the property is fully paid off. It offers flexibility to buyers who may not have all the funds upfront and is regulated by laws to ensure a fair and transparent transaction.
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