The Inspection Period gives the Arizona home buyer a great opportunity to investigate an Arizona home thoroughly before deciding whether they want to move forward with the home purchase.
The Inspection Period is probably the most important and most complex part of the home buying process in Arizona. Mismanaging your opportunities can be disastrous for Arizona home buyers. Meeting all the deadlines in the contract is critical.
A top reason for hiring an Arizona Realtor is to have your Inspection Period managed by a professional.
Buyer’s Inspection Notice
During the Inspection Period, 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 found during the inspections
If the buyer wants to request some repairs, the buyer will use the “Buyer’s Inspection Notice” form to notify the seller of the 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 offer was accepted.
Once the seller receives the “Buyer’s Inspection Notice,” the seller then has five (5) days to respond.
The seller can;
- Agree to make all requested repairs.
- Agree to make some requested repairs, or the seller can refuse to make any repairs at all.
If the “Seller’s Response” is to not make every repair requested by the buyer, the buyer does not have to buy the home.
The buyer has five (5) days after receiving the “Seller’s Response” to decide whether to, essentially, take it or leave it.
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 the buyer receiving the “Seller’s Response”.
This post just gives you some of the bare bones, basic features of the Inspection Period mechanism and even then they don’t apply to all situations. Feel free to call me about this critical and very complex feature of the home buying process in Arizona.
I want to be your Realtor!
The above generally applies when the buyer and seller use the Arizona Association of Realtors, “Residential Resale Real Estate Purchase Contract” form and the “Buyer’s Inspection Notice and Seller’s Response” form.