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Written by Rick Swindell
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Inspections
The Inspection Period also begins once the contract has been executed by both parties. The standard Inspection Period in Arizona is 10-days but is also negotiable. This is your chance to perform your due diligence by investigating any aspect of the property that is of concern to you.
The most common investigation that is performed is a Home Inspection. The Home Inspector will evaluate the general condition of the home along with the condition of most of the components of the home. Following the actual Home Inspection the Inspector will discuss any defects that were found and explain any future maintenance requirements that the property might have. A full-color narrative report will also be provided to help you identify and necessary repairs. This report also serves as a valuable tool in negotiating for repairs to be made by the seller. You can view a sample of the Inspection Report in PDF format by clicking here.
The Inspection Period is also a time for you to further research the neighborhood and the surrounding areas. You will receive a copy of the Community CC&Rs the Rules and Regulations from any governing Home Owner's Association. This is also a good time to further research the nearby schools. Please refer back to the Arizona Buyer Advisory for a more detailed description of everything you want to be mindful of during this 10-day period.
The Arizona Real Estate Contract includes a separate 2-page form used to deal with the defects found during the Inspection Period. This form is called the Buy Inspection Notice and Seller's Response or BINSR (pronounced BINZER by most Real Estate Agents). I will prepare this form listing all warranted items that are in need of repair along with any repairs that you decide you would like the Seller to be responsible for. Once the form is submitted to the Seller, they can agree to make the repairs, disagree to make the repairs, or respond with a description of the repairs that they are willing to make along with which ones they are not.
Once the BINSR comes back to the Buyer they have only two choices; the Buyer can either Accept the Seller's Response or they can Cancel the Contract. There is no going back and fourth, like there is in the initial contract negotiations. Therefore, it is very important to work with an Agent that stays involved and is fully aware of all situations so that they can be a strong negotiator on your part. This is exactly where I come in. If you have any further questions regarding the Inspection Period, or any other questions at all, please contact me. You may also complete the Buyer Form by clicking here and providing your information so that I can start working to get you a great deal on a solid property.
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