The discovery and the due diligence period in the AAR Real Estate Contract is one of the most important aspects of our contracts. It allows the buyer 10 days to investigate the property. This time frame is negotiable between buyer and seller. The seller’s disclosure should be read through carefully during this time and any questions the buyer has, should be presented to the seller for answers. Also, during this time the C.L.U.E report ( Comprehensive Loss Underwriting Exchange) should be provided by the seller and carefully reviewed, the buyer’s homeowner insurance company should be contacted to confirm coverage and rate, and if the property is in an unincorporated area of the county the Affidavit of Disclosure should be carefully reviewed.
It’s important to have the home inspector inspect the home quickly after contract acceptance. This allows time to hire additional inspections if need be. At the very minimum, buyers should have licensed home inspector and a licensed termite inspector inspect the property. From the outcomes of these inspections additional inspections may need to be ordered (ie roof, hvac, mold etc).
If there was a previous inspection done, buyers should never rely on this previous inspection. It will be worth the $400 to have the home re-inspected by a trusted inspector and one that will answer all of the buyers questions and concerns.
Arizona Association of Realtors has put together an amazing document for buyers called the Buyer Advisory. It is so important for the buyer to look through this and access the different links available on the form. Please see the document here Buyer Advisory
Also, did you know that seller’s do not need to disclose if there is a sexual offender that lives next door? If this is something that is important to the buyer, they will need to investigate this!
I have put together some great websites to use when making a decision if the property you are about to purchase is right for you! Please access the document here Important Websites.
If you are thinking of buying, please use a Realtor that is knowledgeable and is looking out for your best interests! Call Laura at 602-206-3131!