The Next (15) Days
Buyer’s timeline of events (Per the Residential Purchase Contract)
- *Sellers Property Disclosure (SPDS): This AAR form must be completed by the Seller and delivered to the Buyer within the first (5) days after Contract Acceptance. (May not be applicable in a Lender Owned or Short Sale purchase).
- *Insurance Claims History Report (CLUE): Seller shall deliver to Buyer a (5) year Insurance claims history report regarding Premises (or for the length of time that the Seller has owned premises), within the first (5) days after Contract Acceptance. (May not be applicable in a Lender Owned or Short Sale purchase).
- *Lead Based Paint Disclosure (LBPD): If the premises were built prior to 1978, the Seller must delivered the LBPD to the Buyer within the first (5) days after Contract Acceptance. (May not be applicable in a Lender Owned or Short Sale purchase).
- (10) Day Buyer’s Inspection Period: Beginning on the day after an agreed upon acceptance date and ending at the end of the 10th day. During this time period the Buyer will have the opportunity to conduct any and all necessary inspections described in the AAR Residential Purchase Contract. This time period can be the most critical time, considering that the Buyer’s may have the option to cancel anytime during this period.
- Home Inspections: Inspections are initiated, and paid for by the Buyer. The Inspections can be general in scope but not limited to specific in depth inspections. Termite Inspection: can be performed by the certified Home Inspector or by an Independent Termite Inspector. Not all Home Inspectors will inspect for termites.
- Buyer’s Inspection Notice: After the Buyer has performed all desired inspections they will submit a Buyer’s Inspection Notice to the Seller with a possible selection of the following:
a. Premises Accepted. (No Sellers Response required)
b. Premises Rejected. (Cancellation of Contract shall occur)
c. Buyer elects to provide Seller an opportunity to perform repairs.These repairs could be minor or major depending on the inspector’s findings. *** Refer to Warranties per the Purchase Contract. A request for repairs to be performed in an AS IS purchase is not usually an option.
5 days to respond
- Sellers Response: Upon receiving this Buyer’s Inspection Notice, the Seller’s will have a total of (5) day to respond to any requested repairs that may have been requested. At this time the Seller may respond with:
a. No, will not perform any of the requested repairs
b. Yes, will perform all requested repairs
c. Yes, will perform only selected repairs that they feel are reasonable or acceptable.
- Appraisal: The Appraisal is usually performed during or immediately after the Buyer has completed the (10) day inspection period. Buyer’s agents usually will advise there clients to get past the Inspection period prior to paying for the appraisal.
*Note to Buyers: these items may not be provided to the Buyer due to reasons beyond the Seller’s control, but should be addressed in the AAR Purchase Contract (Additional Terms and Conditions).
***Note: Per the Purchase Contract page 4 of 9 paragraph 5a lines 163 – 166. The Seller is obligated to warrant and shall maintain and repair the Premises so that, at the earlier of possession or COE: (i) all heating, cooling, mechanical, plumbing, and electrical systems (including swimming pool and/or spa, motors, filter systems, cleaning systems, and heaters, if any) free standing range/oven, and built-in appliances will be in working condition.