Tips & Trends for the Flagstaff Real Estate Market:
Past Articles [September 2005]
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Due Diligence in a Real Estate Contract
Perhaps the most stressful time for all parties involved in a real estate transaction is during the inspection period which begins when a contract is accepted by both the buyer and the seller. Generally the inspection period is 10 calendar days, however the buyer can request a longer period if there are circumstances that prohibit them from completing the inspections in the shorter time period.
This window of time gives the buyer an opportunity to find out the condition of the property, to research the neighborhood, and generally decide if they want to continue with the transaction.
The Residential Purchase Contract used by members of the Arizona Association of Realtors describes a number of items that a buyer should investigate during the inspection period if they feel the items are a “Material Matter”. Among these are square footage, wood destroying organisms, flood hazard, insurance, and sewer or on site waste water treatment systems. This time also gives the buyer an opportunity to check with local government agencies to find out about crime rates, the presence of sex offenders and other issues that may influence their final decision.
During this period employing a home inspector is especially important. It is incumbent upon the buyer to conduct a through inspection of the property. I always recommend that buyers hire a home inspector as these individuals are trained and proficient in conducting a home inspection. In Flagstaff we have numerous home inspectors and generally they all conduct their business in a professional manner.
If you areconsidering purchasing a home I suggest you obtain a copy of a Residential Purchase Contract from your agent and review the document in it's entirety. You will find the "Due Diligence" protion of the document discussed in item 6. You can also find a sample copy of the contract on our web site under Buyers Resources.
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