Tuesday, August 14, 2007

10-Day Inspection Period - What Can You Cancel The Contract For?

As a buyer, what is it that you can cancel the contract for within your 10-day inspection period?  I read an article last week in our "Arizona Realtor" publication written by Christopher A. Combs, where the buyer simply sent over the Buyer Inspection Notice to the seller with the home inspection summary report attached notifying the seller that they have chosen to cancel the contract and therefore were going to be requesting their earnest money back from the title company.  The seller claimed that the buyer had not specifically indicated the items that were disapproved and should forfeit their earnest money. 

Phoenix Real Estate Inspection ChecklistLegally the buyer has done everything they needed to do.  They provided the seller the proper notice (Buyer Inspection Notice) and then provided them with the actual inspection report, letting them know that they are simply not comfortable with the overall condition of the property.  Therefore the buyer is in fact entitled to the return of their earnest deposit.

-Steve Nicks

[tags] Desert Ridge real estate, Phoenix real estate, Residential Purchase Contract, 10-Day Inspection Period [/tags]