Interested in making an offer on a Phoenix home, do you know the contract? If so please make sure that you read the contract, make sure you receive a copy of the contract to review before you start looking for homes. You will find a plethora of information in the Arizona Real Estate contract that is different than other states. As Arizona Realtors we are able to draw contracts and in these offers or contracts you will find information regarding time frames, which are very important to know!
Timeframes such as:
- Close of Escrow Date, when the property records with the Assessors Office.
- Inspection Timeframe: Usually you have 10 calendar days or specified based on your contract starting the day after contract Acceptance. Once completed and the Buyer Inspection form is sent to seller, they have 5 days to respond, and you the buyer has 5 days to respond to their response. This period is where you will receive a Seller Property Disclosure Statement and Insurance Claims Report.
- Seller Property Disclosure Statement (SPDS), seller has to get to you within 3 days of contract acceptance, and you have 5 days to respond.
- Insurance Claims report, to be provided from seller 5 years history or as long as seller has owned home.
- If Prior to 1978, A Lead Based Paint Disclosure is Required, seller has to supply addendum within 5 days of contract acceptance, buyer then has a 10 day inspection period to conduct a lead based paint inspection, after findings if not agreed upon by buyer and seller, buyer has 5 days to cancel.
- Financing Changes: Buyer shall immediately notify Seller of any changes in the loan program, financing terms, or lender described in the Pre-Qualification Form attached hereto or LSU provided within ten (10) days after Contract acceptance and shall only make any such changes without the prior written consent of Seller if such changes do not adversely affect Buyer’s ability to obtain loan approval without PTD conditions, increase Seller’s closing costs, or delay COE.
- Title Commitment and Title Insurance: Buyer shall have five (5) days after receipt of the Title Commitment and after receipt of notice of any subsequent exceptions to provide notice to Seller of any items disapproved.
- Appraisal Contingency: If the Premises fail to appraise for the purchase price in any appraisal required by lender, Buyer has five (5) days after notice of the appraised value to cancel this Contract and receive a refund of the Earnest Money or the appraisal contingency shall be waived, unless otherwise prohibited by federal law.
If any party does not meet these strict guidelines, then you give