As a buyer, it’s important to know the loopholes in the Arizona real estate contract, in case, for whatever reason, you need to get out of yours. There are about a dozen such loopholes, but here are three less common ones you can use:
1. If the seller is late in providing the Seller Property Disclosure Statement. The seller is required to provide this to you within three days of signing the purchase contract. If they fail to do so within the designated time frame, you’re allowed five days after it’s provided to disapprove the disclosure and cancel the contract if you see the need to.
2. If the seller fails to provide the rules and regulations of the HOA. If the home is located in an HOA neighborhood, the seller is required to provide the rules and regulations of the HOA to you within a certain date. If they’re late in providing this information, you’re once again allowed five days after it actually is provided to cancel the contract.
3. If the seller fails to provide a lead-based paint disclosure for a house built before 1978. Similar to the first two loopholes, if the seller fails to provide this disclosure up front during the beginning of the transaction, you have five days after the disclosure actually is provided to cancel the contract.
These loopholes further illustrate an important point both buyers and sellers need to remember: Always work with an experienced agent who knows the ins and outs of the Arizona real estate contract.
As always, if you have any questions about this or any other real estate topic, don’t hesitate to reach out to me. I’d be happy to help you.
