You’ve found the house you wanted, made an offer and have had it accepted. Ready or not, welcome to your inspection period.
The inspection period is a 10-day window during which all material facts are to be verified by the buyer. (Note: the timeframe is written into the Arizona Association of Realtors’ Residential Resale Purchase Contract and can be changed; if you wrote your contract on a cocktail napkin, there is no statutory inspection period.)
This is the time when you have the option of having a professional home inspector check the house, when you send the termite inspector to make sure there aren’t those critters or other so-called “wood destroying organisms” present, and when all other facts are to be verified as part of the buyers’ due diligence.
The contract even provides a list of everything the buyers ought to review, at least if any of the items on the list are of material interest to them:
During the Inspection Period, Buyer, at Buyer’s expense, shall
(i) conduct all desired physical, environmental and other types of inspections and investigations to determine the value and condition of the Premises;
(ii) make inquiries and consult government agencies, lenders, insurance agents, architects, and other appropriate persons and entities concerning the suitability of the Premises and the surrounding area;
(iii) investigate applicable building, zoning, fire, health and safety codes to determine any potential hazards, violations or defects in the Premises; and
(iv) verify any material multiple listing service (“MLS”) information.
That’s a portion of the section, should you be jotting notes for your next cocktail-napkin contract.
Additional information on what a buyer could check for and how to go about doing so is available through AAR’s Buyer Advisory, which contains links to multiple topics (as well as a video of a termite chewing wood.)
One last note … the inspection period begins the day after the final signature goes onto the contract. So if the contract’s accepted on Tuesday (as one of my buyers’ offers was), the inspection period begins today. Weekends and holidays are included … it’s a straight 10 days, plain and simple.
Got questions about the inspection period or other aspects of the contract? We’re always available through the contact form at the top right of the page.
[tags]Phoenix real estate, AAR Purchase Contract, real estate inspection period[/tags]