The Arizona Association of Realtors released a new Residential Resale Real Estate Purchase Contract on February 1st, 2017. While the new contract includes some welcome changes, one requires that buyers adopt a heightened level of awareness when making one of the most expensive investments of their lives.
This change relates to the condition of the property at closing. In the old contract, the seller warrantied that the heating, cooling, electrical, plumbing, mechanical, and appliance items in the house would be working at close of escrow. That seller warranty has been removed. Now properties are essentially sold as-is unless any of these items fail during the course of the transaction. While the standard 10-day buyer’s inspection period remains in place and both parties still have the ability to negotiate repairs, the seller’s obligation to provide a fully-functioning product no longer exists.
Because of this modification, it is more important than ever to work with a seasoned agent who understands the market, knows the new contract, and can negotiate to ensure your rights as a buyer are protected. I have represented buyers and sellers in the Phoenix market for the past 20 years and direct a team of talented agents at the most productive brokerage in Arizona. We would be honored to have you trust us with your next transaction and will do everything in our power to exceed your expectations.