Off-market purchase when you’re a licensed agent – contract & broker question (AZ)
Hi BP folks,
I have a question about an off-market scenario and want to make sure I’m handling it correctly.
Let’s say I’m talking with a neighbor and we agree on an off-market sale (no MLS, no listing agent). I’m buying the property for myself as a buy-and-hold investment.
I’m a licensed real estate agent in Arizona, but in this transaction I’m acting purely as the buyer/principal (not representing the seller and not charging any commission).
My questions are:
- Is it acceptable to use the standard AZ Residential Resale Purchase Contract for an off-market deal like this? If so, for the agent part, should I leave it blank?
- Or should I hire an attorney to draft a contract?
- As a licensed agent buying my own property, do I still need to run the transaction through my broker even if there’s no commission involved? My broker charge a flat fee of several hundred so that's no problem for me. But since there is no seller agent involved I'm not sure how's that handled.
- What if the buyer is my husband (he is not licensed)?
- Any best practices or pitfalls to watch out for in terms of disclosures or compliance when doing a self-purchase off-market?
Appreciate any insight from those who’ve done this before, especially in AZ or similar states. Thanks in advance.