All of our purchase contracts are state-approved forms, but the buyer in Arizona has three contingencies as a standard part of the contract.
If you’re getting a loan, the first contingency is the inspection, for which you have 10 days to do all the physical inspections you want on the property. At the end of that tenth day, we send a punch list to the sellers that details the repairs we want them to make.
While we’re doing the physical inspections, the title and escrow company will be doing title work to make sure the property has a clean, clear title that will transfer to you after the inspection contingency is resolved.
If you’re getting a mortgage, your lender would order the appraisal, which is the second contingency. To appraise the home, an expert is sent in to determine that the market value the buyer and seller have agreed on is in sync with other, comparable sales in the area.
Once that’s done, the final contingency is the loan contingency. For example, if you lose your job during the contract time and can no longer qualify, you would cancel the contract and get your earnest money deposit back.
Making sure the process goes smoothly is something we take pride in and we look after that very, very tightly for you.
If you have any questions, don’t hesitate to reach out. I hope to hear from you soon.