During the Inspection Period you can cancel the contract if you find problems but in many cases you won’t have to cancel because the seller will agree to fix the problems.
Inspection Period Protects Home Buyers
The Inspection Period gives you, the Arizona home buyer, a fabulous opportunity to investigate an Arizona home thoroughly to see if it meets your expectations.
On the other hand, the Inspection Period is one of the most complex parts of buying a home in Arizona. Mismanaging your opportunities can be disastrous for you. Meeting all the deadlines in the contract is critical.
Don’t worry. Hire us (usually free to home buyers) and we will help you manage your Inspection Period.
Buyer’s Inspection Notice
During the Inspection Period you, the buyer, can;
- Accept the home as-is
- Cancel the contract due to problems found during the inspections
- Give the seller the opportunity to correct problems you found during the inspections
- Do nothing, which means you, the buyer, accept the home as-is. Don’t do this!
If you want to request some repairs, you will use the “Buyer’s Inspection Notice” form to notify the seller of your requested repairs. The “Buyer Inspection Notice” must be delivered to the seller within the Inspection Period which is usually ten (10) days from the time the final counter offer was signed by you and the seller.
Once the seller receives the “Buyer’s Inspection Notice” with your requested repairs, the seller then has five (5) days to respond.
The seller can;
- Agree to make all requested repairs.
- Agree to make some requested repairs.
- Refuse to make any repairs at all.
If in the “Seller’s Response” the seller doesn’t agree to make all repairs you requested, you can cancel the contract.
(Comment: Your list of requested repairs will include any major items that are deal-breakers for you but the list can also include less important items that you would like to try to get the seller to repair but that aren’t really deal-breakers for you. If the seller refuses to repair any of your deal-breaker items, you can choose to cancel the contract. If, however, the only items the seller refuses to repair are your less important, non-deal-breaker items, then you may want to continue with the purchase.)
You, the buyer, have five (5) days after receiving the “Seller’s Response” to decide whether to, essentially, take it or leave it.
You, the buyer, can;
- “Take it” and agree to move forward with the purchase of the home with only the repairs the seller agreed to make.
- “Leave it” and cancel the contract altogether. This must be done within five (5) days of you receiving the “Seller’s Response”.
This post just gives you some of the bare bones, basic features of the Inspection Period mechanisms. Even these bare bones mechanisms don’t apply to all situations.
Call me about this critical and very complex feature of the home buying process in Arizona.
Here is an old sample Residential Buyer’s Inspection Notice and Seller’s Response (BINSR) form.
Again, the Inspection Period is one of the most complex and critical parts of buying a home in Arizona and we navigate them with every sale. It would be our pleasure to help guide you through your Inspection Period.