Tony and Suzanne Marriott's Phoenix Arizona Real Estate Blog

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Write It Right The First Time - Or It May Result In Failure! - Part 10

The "standard" Residential Resale Real Estate Purchase Contract used in Arizona and provided by the Arizona Association of REALTORS® (AAR) is a document that both Buyers and Sellers should familiarize themselves with prior to the time where they are signing off on it.

 

A complete sample copy is publicly available on the AAR website at this link.

 

This post focuses on the bottom of page 6 and the top of page 7 which covers "Remedies" - for both Seller and Buyer.

 



 

Lines 278-281 "Cure Period"  This can potentially cause a delay to close of escrow if left as written.  Example: Buyer is to sign loan docs 3 days prior to close of escrow.  They don't.  Cure Period Notice is issued.  Buyer now has 3 days to "cure" - which means as long as they sign loan docs as late as 430pm on the contracted close of escrow date - they are "in compliance".  However - what are the chances that signing at that time will result in a close of escrow on that date?  More on that in a future post.

 

 

Lines 282-291 This is self explanatory, however, once again, this could derail a transaction that is destined for closing, albeit a late closing.  Why should the Seller have to cancel the contract in order to claim the Earnest Money in case of breach by the Buyer?  Why not instead make the Earnest Money permanently non-refundable to the Buyer for any reason - but it's the Buyers funds if they do close? More on that in a future post.

 

Lines 292-310  Want to argue about something following the close of escrow - here's what AAR recommends - however - you are not bound to follow their recommendation.  And, oh, by the way, it's on your dime.

 

 

 

 

 

 

The first nine posts in this series are available at the following links:

 

Write It Right The First Time - Or It May Result In Failure! 

 

Write It Right The First Time - Or It May Result In Failure! - Part 2

 

Write It Right The First Time - Or It May Result In Failure! - Part 3

 

Write It Right The First Time - Or It May Result In Failure! - Part 4

 

Write It Right The First Time - Or It May Result In Failure! - Part 5

 

Write It Right The First Time - Or It May Result In Failure! - Part 6

 

Write It Right The First Time - Or It May Result In Failure! - Part 7

 

Write It Right The First Time - Or It May Result In Failure! - Part 8

 

Write It Right The First Time - Or It May Result In Failure! - Part 9

 

 

To read the next post in this series, click the link below, as we delve into the contract itself:

 

Write It Right The First Time - Or It May Result In Failure! - Part 11

 

 

 

 

 

 

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About the Authors - Updated 2018

If you are considering a Traditional or Short Sale of your home in Phoenix, Scottsdale or any location in Maricopa County Arizona, you owe it to yourself to talk with the BVO Luxury Group @ Keller Williams Arizona Realty to determine whether Tony and Suzanne Marriott are the best real estate Brokers in the Phoenix and Scottsdale metropolitan area to help you with the Successful Sale of your home.

Tony and Suzanne have personally Listed, Sold and Closed more than a hundred Short Sales with the highest list to close rate in the Phoenix Metro Area!

Tony Marriott - Chief Operating Officer - BVO Luxury Group @ Keller Williams Arizona Realty

Suzanne Marriott - Chief Learning Officer - BVO Luxury Group @ Keller Williams Arizona Realty

Associate Brokers, REALTORS
BVO Luxury Group
Keller Williams Arizona Realty

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