BINSR is Buyer Inspection Notice and Seller Response
Inspection Period Protects Home Buyers
The Inspection Period gives the Arizona home buyer an opportunity to investigate a home thoroughly to see if there are any hidden issues.
On the other hand,the Inspection Period is one of the most complex parts of buying a home. Mismanaging your opportunities can be disastrous for you. Meeting all the deadlines in the contract is critical.
Buyer’s Inspection Notice
If you want to request some repairs, you will use the “Buyer’s Inspection Notice” form to notify the seller of your requested repairs. The “Buyer Inspection Notice” must be delivered to the seller within the Inspection Period which is usually ten (10) days from the time the final counter offer was signed by the seller. (or an agree upon timeline between the buyer and seller.)
Once the seller receives the “Buyer’s Inspection Notice” with the requested repairs, the seller then has five (5) days to respond.
The seller can;
* Agree to make all requested repairs.
* Agree to make some requested repairs.
* Refuse to make any repairs at all.
The buyer has five (5) days after receiving the “Seller’s Response” to decide whether to, essentially, take it or leave it.
The buyer, can;
* “Take it” and agree to move forward with the purchase of the home with only the repairs the seller agreed to make.
* “Leave it” and cancel the contract altogether. This must be done within five (5) days of receiving the “Seller’s Response”.
Author:Lynda Western Phone: 602-919-0857 Dated: April 4th 2017 Views: 1,961 About Lynda: A family oriented person, Lynda has a passion for helping people in unfortunate situations. An Ariz...