The other day I was reminded in the comments that I never did come back to answers to different questions you need to know if you’re going to buy a home without representation.
And so here we go, starting with the answer to this question:
Q: After a real estate contract has been executed, how long is the Arizona state-mandated inspection period?
The answer is there is no statutory inspection period on residential real estate in the state of Arizona. If you don’t put one in the contract, or use the AAR Residential Real Estate contract that adds an inspection period as boilerplate, you don’t have one.
Oh, and if you’re buying a bank-owned home, know there’s a decent chance that the bank will dictate an inspection period to you. I’ve seen everything from 10 days to zero days over the past couple of years.
Now, here are some other questions …
- Per state statute, when does the seller have to provide the buyer an Insurance Claims History report?
- Per state statute, if the buyer objects to a material fact that the seller discloses on a property what recourse do they have?
- Per the AAR Contract, what recourse do they have in the above situation?
- Unrepresented buyer and unrepresented seller agree on a sales price using a contract from Office Max, but the appraisal comes in lower. What happens next?
- Per state statute, do appurtenances automatically convey with the home?
Those are a few off the top of my still sleepy head. And here’s the thing … I’m not going to provide you the answers here, and for one simple reason. These are the kinds of things you ought to know already if you’re going to try and go solo on a real estate purchase.
If you don’t already know the answers – and I mean, are absolutely, positively certain you know these answers – then you need to be working a real estate professional who does.
It’s about that simple.