FACTS:                 

The seller and buyer have entered into a contract for the sale of a single family residence with seller carryback financing.

The agent for the buyer completes the Arizona REALTORS® addendum “Seller Financing Addendum – Consumer Credit Transaction Secured By A Dwelling” (the “Addendum”).

ISSUE:                  

Is the Addendum the only additional document needed in the transaction between the buyer and seller?

ANSWER:                           

No.

DISCUSSION:    

Here, the buyer and seller will also need a promissory note and deed of trust.  The Addendum simply provides terms of the loan between the seller and buyer.  Arizona REALTORS® does not have standard promissory note or deed of trust forms and it is recommended that an attorney be retained to draft these documents.